Chapter 6, Problem 7E

Exercise 6-7
Perpetual Inventory costing methods—FIFO and LIFO
Hemming Co. reported the following current-year purchases and sales for its only product.

Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO.
Compute the gross margin for each method. (Round amounts to cents.)
Check Ending inventory LIFO. $4.150