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Use the following information for the Exercises 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	240	units	@ $11.60	=	$ 2,784
January 10	Sales						180	units	@ $41.60
March 14	Purchase	370	units	@ $16.60	=	6,142
March 15	Sales						330	units	@ $41.60
July 30	Purchase	440	units	@ $21.60	=	9,504
October 5	Sales						415	units	@ $41.60
October 26	Purchase	140	units	@ $26.60	=	3,724
	Totals	1,190	units			$ 22,154	925	units

Exercise 5-10A (Algo) Perpetual: Inventory costing methodsFIFO and LIFO LO P1

Required:

Hemming uses a perpetual inventory system.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method.