Exercise 6-8 and 6-9: Hemming Co. reported the following current year purchases and sales for its only product. Using the perpetual inventory system, determine the cost assigned to the ending inventory and to costs of goods sold using FIFO, LIFO, Specific Identification, and Weighted Average.

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Exercise 6-8 Perpetual: Inventory costing methods-FIFO and LIFO P1 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 and (b) LIFO. (c) Compute the gross profit for each method. Exercise 6-9 Specific identification [ P1 Refer to the information in [ Qxercise 6-8. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, compute (a) the cost of goods sold and (b) the gross profit