Help Save & Saved ment Che Hemming Company reported the following current-year purchases and sales for its only product 3,224 Units Acquired at cost 260 units $12.40 - 420 units $17.40 Unite sold at Retail 215 units $42.40 7.300 30 unita 142.60 Date January 1 January 10 March 14 Haro 15 July 30 October 3 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Porchase Totals 460 unit $22.40- 10,304 425 units #542.40 527.60 160 unite 1,300 unite 5.25220 1,020 unita Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 LFO method Complete the question by entering your answers in the tabs below. Required. Required? Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using puro Perpetual Gonds Purchased Cost of Goods Sold Cost per Cost per of units #ot units sold Cost of Goods Sold unit Inventory. Balance Cost per Inventory unit Balance of units Date Boods Purchase Cost per of units unit Cost of Goods Sold of units sold cost per unit Cost of Goods Sold Inventory Balance Inventory unit Balance of units Cost per January 1 January 10 ook March 14 Total March 14 Hint March 15 Total March 15 Print a July 30 rences Total July 30 October Total October October 20 Total 0.00