PLEASE FOCUS ON THE EMPTY BLANKS OUTLINED IN BLUE

FIFO:

LIFO:

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{|l} Date \\ January 1 \end{tabular}} & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{7}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{ \# of units } & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \multicolumn{2}{|c|}{ \# of units sold } & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{# of units } & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & & & & & & 295 & at & $ & 13.80 & = & $ & 4,071.00 \\ \hline January 10 & & & & 240 & at & $ & 13.80 & = & $ & 3,312.00 & 55 & at & $ & 13.80 & = & $ & 759.00 \\ \hline \multirow{2}{*}{ March 14} & 480 & at & $18.80 & & & & & & & & 55 & at & $ & 13.80 & = & $ & 759.00 \\ \hline & & & & & & & & & & & 480 & at & $ & 18.80 & = & & 9,024.00 \\ \hline Total March 14 & & & & & & & & & & & & & & & & $ & 9,783.00 \\ \hline \multirow{2}{*}{ March 15} & & & & 55 & at & $ & 13.80 & = & $ & 759.00 & & at & $ & 13.80 & & & \\ \hline & & & & 365 & at & $ & 18.80 & = & & 6,862.00 & 115 & at & $ & 18.80 & = & $ & 2,162.00 \\ \hline Total March 15 & & & & & & & & & & 7,621.00 & & & & & & $ & 2,162.00 \\ \hline \multirow{3}{*}{ July 30} & 495 & at & $23.80 & & & & & & & & & at & $ & 13.80 & & & \\ \hline & & & & & & & & & & & 115 & at & $ & 18.80 & = & & 2,162.00 \\ \hline & & & & & & & & & & & 495 & at & $ & 23.80 & = & & 11,781.00 \\ \hline Total July 30 & & & & & & & & & & & & & & & & $ & 13,943.00 \\ \hline \multirow{3}{*}{ October 5} & & & & & at & $ & 13.80 & = & $ & 0.00 & & at & $ & 13.80 & & & \\ \hline & & & & 115 & at & $ & 18.80 & = & & 2,162.00 & & at & $ & 18.80 & & & \\ \hline & & & & 350 & at & $ & 23.80 & = & & 8,330.00 & 145 & at & $ & 23.80 & = & & 3,451.00 \\ \hline Total October 5 & & & & & & & & & & 10,492.00 & & & & & & $ & 3,451.00 \\ \hline \multirow{4}{*}{ October 26} & 195 & at & $28.80 & & & & & & & & & at & $ & 13.80 & & & \\ \hline & & & & & & & & & & & & at & $ & 18.80 & & & \\ \hline & & & & & & & & & & & 145 & at & $ & 23.80 & = & & 3,451.00 \\ \hline & & & & & & & & & & & 195 & at & $ & 28.80 & = & & 5,616.00 \\ \hline Totals & & & & & & & & & & 21,425.00 & & & & & & $ & 9,067.00 \\ \hline \end{tabular} 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. 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{15}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{5}{|c|}{ Cost of Goods Sold } & \multicolumn{6}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{ \# of units } & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} \# of units \\ sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Cost of Goods \\ Sold \end{tabular}} & \multicolumn{2}{|c|}{# of units } & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Cost per \\ unit \end{tabular} \\ $13.80 \\ \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline January 1 & & & & & & & & & 295 & at & & = & & 4,071.00 \\ \hline January 10 & & & & 240 & at & $13.80 & = & $3,312.00 & 55 & at & $13.80 & = & $ & 759.00 \\ \hline \multirow{2}{*}{ March 14} & 480 & at & $18.80 & & & & & & 55 & at & $13.80 & = & $ & 759.00 \\ \hline & & & & & & & & & 480 & at & $18.80 & = & & 9,024.00 \\ \hline Total March 14 & & & & & & & & & & & & & $ & 9,783.00 \\ \hline \multirow{2}{*}{ March 15} & & & & & at & $13.80 & = & $0.00 & 55 & at & $13.80 & = & $ & 759.00 \\ \hline & & & & 420 & at & $18.80 & = & 7,896.00 & 60 & at & $18.80 & = & & 1,128.00 \\ \hline Total March 15 & & & & & & & & $7,896.00 & & & & & $ & 1,887.00 \\ \hline \multirow{3}{*}{ July 30} & 495 & at & $23.80 & & & & & & 55 & at & $13.80 & = & $ & 759.00 \\ \hline & & & & & & & & & 60 & at & $18.80 & = & & 1,128.00 \\ \hline & & & & & & & & & 495 & at & $23.80 & = & & 11,781.00 \\ \hline Total July 30 & & & & & & & & & & & & & & 13,668.00 \\ \hline \multirow{3}{*}{ October 5} & & & & & at & $13.80 & = & 0.00 & 55 & at & $13.80 & = & $ & 759.00 \\ \hline & & & & & at & $18.80 & = & 0.00 & 60 & at & $18.80 & = & & 1,128.00 \\ \hline & & & & 465 & at & $23.80 & = & 11,067.00 & 30 & at & $23.80 & = & & 714.00 \\ \hline Total October 5 & & & & & & & & $11,067.00 & & & & & $ & 2,601.00 \\ \hline \multirow{4}{*}{ October 26} & 195 & at & $28.80 & & & & & & 55 & at & $13.80 & = & $ & 759.00 \\ \hline & & & & & & & & & 60 & at & $18.80 & = & & 1,128.00 \\ \hline & & & & & & & & & 30 & at & $23.80 & = & & 714.00 \\ \hline & & & & & & & & & 195 & at & $28.80 & & & 5,616.00 \\ \hline Totals & & & & & & & & $22,275.00 & & & & & $ & 8,217.00 \\ \hline \end{tabular}