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Required information

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

The follawing information applies to the questions displayed below$]$

Hemming Company reported the following current$-$year purchases and sales for its only product.

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.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $3$

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

$\backslash$table$[[$Date$,$Perpetual FIFO:$],[$Goods Purchased,Cost of Goods Sold,Inventory Balance$]]$