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Homework answers / question archive / Hemming Co

Hemming Co

Accounting

Hemming Co. reported the following current-year purchases and sales data for its only product.

 

Date Activities Units Acquired at Cost Units Sold at Retail
  Jan. 1   Beginning inventory   200 units @ $10 = $ 2,000          
  Jan. 10   Sales                 150 units @$40  
  Mar. 14   Purchase   350 units @ $15 =   5,250          
  Mar. 15   Sales                 300 units @$40  
  July 30   Purchase   450 units @ $20 =   9,000          
  Oct. 5   Sales                 430 units @$40  
  Oct. 26   Purchase   100 units @ $25 =   2,500          
                                 
          Totals   1,100 units     $ 18,750   880 units    
                                 
 

  

Hemming uses a periodic inventory system.
(a)

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
(b)

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
(c)

Compute the gross margin for each method.

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