Part 1 of 2 2.3 points eBook Hint Required information Use the following information for the Exercises 8-10 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. Date January 1 Activities January 10 March 14 March 15 Beginning inventory Sales Purchase Sales Units Acquired at Cost 300 units @ $14.00 = Units Sold at Retail $ 4,200 250 units @ $44.00 520 units @ $19.00 = July 30 October 5 Purchase Sales 500 units @ $24.00 = October 26 Purchase Totals 200 units 1,520 units @ $29.00 = 9,880 12,000 5,800 460 units @ $44.00 480 units @ $44.00 $ 31,880 1,190 units Print Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 References Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ Required 1 0.00 Required 2 Inventory Balance