Focus Problem #7 - Chapter 6 1 20 points Required information Saved Lifter your SCOILI [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 January 10 Activities Beginning inventory Sales 00:29:12 March 14 March 15 July 30 Purchase Sales Purchase October 5 October 26 Sales Purchase Totals eBook 310 units 410 units 110 units 1,040 units Units Acquired at Cost 210 units @ $10.40 = @ $15.40 @ $20.40 @ $25.40 = Units Sold at Retail $ 2,184 170 units @ $40.40 = 4,774 270 units @ $40.40 = 8,364 380 units @ $40.40 2,794 $ 18,116 820 units 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 >