$\backslash$table$[[$Date$,$Activities,Units Acquired at Cost,Units Sold at Retail,,$],[$January $1,$Beginning inventory,$230$ units,@$$11\mathrm{.}20=,$$$2,576,160$ units$],[$January $10,$Sales,,,,$]]$

Exercise $5-8($Algo$)$ Perpetual: Inventory costing methods$-$FIFO and LIFO LO P$1$

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.

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