ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 New)

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ACC 291T Wk 2 - Practice: Connect Knowledge Check (2021 New)

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

 Date Activities Units Acquired at Cost Units Sold at Retail 1 Beginning inventory 240 units @ \$11.60 = \$ 2,784 10 Sales 180 units @ \$41.60 14 Purchase 370 units @ \$16.60 = 6,142 15 Sales 330 units @ \$41.60 July 30 Purchase 440 units @ \$21.60 = 9,504 5 Sales 415 units @ \$41.60 26 Purchase 140 units @ \$26.60 = 3,724 Totals 1,190 units \$ 22,154 925 units

Required: Hemming uses a perpetual inventory system.    1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.

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