\begin{tabular}{|l|l|l|l|l|l|l|l|l|l|l|} \hline \multirow{2}{*}{ July 30} & & & & & & & & \\ \hline \end{tabular} 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFU. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & CostofGoodsSold & \# of units & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{InventoryBalance} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multirow{2}{*}{ March 14} & & & & & & & & \\ \hline & & & 8 & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multicolumn{9}{|l|}{ March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 5}} \\ \hline & & & & & & & & \\ \hline \end{tabular} Requlred 1 Required 3> Use the following information for the Exercises 810 below. (Algo) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hernming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2. Defermine the costs assigned to ending inventory and to cost of goods sold using LiFO 3. Compute the gross profit for FIFO method and LIFO method \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual Fifo: } \\ \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & ff of units: & \multirow[t]{2}{*}{Costperunit} & of of units sold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & H. of units & \multirow[t]{2}{*}{Costpetunit} & InventoryBalance \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline October 5 & & & & & & & & \\ \hline \end{tabular}