Exercise 5 9a Periodic Inventory Costing System Lo P3 Required Hemming Uses A Pe

Exercise 5-9A Periodic: Inventory costing system LO P3

Required:

Hemming uses a periodic inventory system.

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

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

(c) Compute the gross margin for each method.

• Attachment 1
• Attachment 2