Hemming Co. Reported The Following Current-Year Purchases And Sales For Its Only Product.

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Hemming Co. Reported The Following Current-Year Purchases And Sales For Its Only Product.

rted the following current-year purchases and sales 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 Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Compute the gross margin for LIFO method.
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FIFO: Sales revenue $35,200 Less: Cost of goods sold 13,850 Gross margin $21,350 LIFO: Sales revenue $35,200 Less : Cost of goods sold 14,600 Gross margin $20,600
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