Required information Use the following information for the Exercises below The following information applies to the questions displayed below Hemming Co. reported the following current-year purchases and sales for its only product DateActivitiesUnits Acquired at Cost Units Sold at Retail 3an. 1 Beginning inventory an.18 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 265 units $12.68 3,339 430 units @ $17.60 7,568 465 units $22.601,509 165 units $27.60 4,554 225 units e $42.68 370 units $42.60 440 units $42.60 Totals 1,325 units $25,97 1,e35 unsts Exercise 6-7 Perpetual: Inventory costing methods-FIFo and LIFO LO P1 Required Hemming uses a perpetual inventory system. 1. Determine the costs essigned to ending inventory and to cost of goods sold using FiFO 2. Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO 3. Compute the gross margin for FIFO method and LIFO method < Prev 3017 … Next > search