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

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[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	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	250	units	@ $12.00	=	$ 3,000
January 10	Sales						200	units	@ $42.00
March 14	Purchase	400	units	@ $17.00	=	6,800
March 15	Sales						360	units	@ $42.00
July 30	Purchase	450	units	@ $22.00	=	9,900
October 5	Sales						420	units	@ $42.00
October 26	Purchase	150	units	@ $27.00	=	4,050
	Totals	1,250	units			$ 23,750	980	units

Exercise 5-8 (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 the cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to the cost of goods sold using LIFO. 3. Compute the gross profit for the FIFO method and the LIFO method.

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