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Required information

Required information

Use the following information for the Exercises 8-10 below. (Algo)

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Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	265	units	@ $12.60	=	$ 3,339
January 10	Sales						225	units	@ $42.60
March 14	Purchase	430	units	@ $17.60	=	7,568
March 15	Sales						370	units	@ $42.60
July 30	Purchase	465	units	@ $22.60	=	10,509
October 5	Sales						440	units	@ $42.60
October 26	Purchase	165	units	@ $27.60	=	4,554
	Totals	1,325	units			$ 25,970	1,035	units

Exercise 6-8 (Algo) Perpetual: Inventory costing methodsFIFO 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 LIFO method.