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Hemming Co. reported the following current-year purchases and sales for its only product.
Hemming Co. reported the following current-year purchases and sales for
Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using
(a) FIFO
(b) LIFO. Compute the gross margin for each method. (Round amounts to dollars andcents.)
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