Hemming Co. reported the following current year purchases and sales for its only product. Required Hemming uses

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Hemming Co. reported the following current year purchases and sales for its only product.

Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales.....

Required
Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO

(b) LIFO.

(c) Compute the gross profit for each method.

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