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 perpetual inventory system.




3. Compute the gross margin for FIFO method and LIFO method.

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 Jan. 1 Beginning inventory = $ 4,200 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: Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin