Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units...

Required:

Hemming uses a periodic inventory system.

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

Extracted text: Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 300 units @ $14.00 Date Units Sold at Retail = $ 4,200 Jan. 1 Beginning inventory Jan.10 Sales 250 units @ $44.00 Mar.14 Purchase 520 units @ $19.00 9,880 Mar.15 Sales 460 units @ $44.00 July30 Purchase 500 units @ $24.00 12,000 Oct. 5 Sales 480 units @ $44.00 Oct.26 Purchase 200 units @ $29.00 5,800 Totals 1,520 units $31,880 1,190 units


Extracted text: a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inve Cost of Goods Available for # of units in ending inventory Cost per # of units Cost per Cost of Cost # of units unit sold unit Goods Sold per uni- Sale Beginning inventory Purchases: March 14 July 30 October 26 Total 2$ $ b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inve # of units in ending Cost of Goods Cost per # of units Cost per Cost of Cost # of units Available for