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Saved Help 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. Date Activities January 11 Beginning inventory. 200 units $ 2,000 January 10 Sales 350 units March 14 March 15 July 30 October 5 October 26 = Units Acquired at Cost @$10 = @ $15 @ $20 Purchase: Sales Purchase Sales 450 units 5,250 9,000 2,500 Purchase @ $25 100 units 1,100 units Totals $18,750 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. Complete this question by entering your answers in the tabs below. Save & Exit Units Sold at Retail 150 units @ $40. @ $40 300 units 430 units. @ $48 880 units Submit Check my work 1. Determine the 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 Required Required 2 3 1 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost per # of units per unit unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals # of units 350 at Cost per unit $ 15.00 # of units sold Cost of Goods Sold $ 0.00 at $ 15.00 Inventory Balance Required information 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. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost per # of units per unit unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 15 October 26 Totals #of units Cost per unit # of units sold Cost of Goods Sold $ 0.00 Inventory Balance