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Required information The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product Units Sold at Retail Units Acquired at Cost 210 units @ $10.40 $ 2,184 170 units @ $40.40 310 units @ $15.40 4,774 270 units @ $40.40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 410 units @ $20.40 8,364 380 units @ $40.40 @ $25.40 110 units 1,648 units 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date Cost per Cost per Inventory Balance Inventory unit Balance Cost per # of units unit # of units sold Cost of Goods Sold # of units unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 March 15 Total March 15 30 Total July 30 October Total October 5 October 26 Totals Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual UFO Cost of Goods Sold # of units Cost of Goods sold unit Sold Date Cost per Cost per Inventory Balance Cost per Inventory #of units unit Balance # of units unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 July 30 Total Joly 30 October 5 Total October 5 October 26 Totals 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit