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

(b) LIFO.

(c) Compute the gross profit for each method.

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Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales.... Purchase Sales... Purchase Totals. .... Units Acquired at Cost 200 units @ $10 = $ 2,000 350 units @ $15= 5,250 450 units @ $20= 9,000 100 units @ $25= 2,500 $18,750 1,100 units Units Sold at Retall 150 units @ $40 300 units @ $40 430 units @ $40 880 units