Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Jan. 1 Beginning inventory Date Units Acquired at Cost 165 unitse $9.00 - $1,485 Units sold at Retail Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 125 units @ $18.00 110 unitse $8.00 - 088 125 units @ $18.00 Jan. 30 Purchase 230 unitse $7.50 = 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.

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Hemming Co. reported 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   210 units @ $10.40 = $ 2,184             Jan. 10   Sales                 170 units @ $40.40     Mar. 14   Purchase   310 units @ $15.40 =   4,774             Mar. 15   Sales                 270 units @ $40.40     July 30   Purchase   410 units @ $20.40 =   8,364             Oct. 5   Sales                 380 units @ $40.40     Oct. 26   Purchase   110 units @ $25.40 =   2,794                   Totals   1,040 units     $ 18,116   820 units       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.

Laker Company reported the following January purchases and sales data for its only product.  Date   Activities Units Acquired at Cost Units sold at Retail Jan. 1   Beginning inventory 150 units @ $ 7.50  = $ 1,125               Jan. 10   Sales                   110 units @ $ 16.50   Jan. 20   Purchase 80 units @ $ 6.50  =   520               Jan. 25   Sales                   90 units @ $ 16.50   Jan. 30   Purchase 200 units @ $ 6.00 =   1,200                     Totals 430 units         $ 2,845   200 units            The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.   Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and to cost of goods sold using…