100 1 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 Book E P 10 10 January 11 January 10 Beginning Inventory Sales Purchase Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals References Required: Units Acquired at Cost 210 units $10.40- $2,184 170 units Units Sold at All $40.40 310 units $15.00- 4,774 410 units $20.40- 8,364 300 units 110 units 1,040 units $25.40 2,794 518,116 820 units 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date of units Cost per unit PerpetualFIED Cost of Goods Sold of units sold Cost per Cost of Goods Sold Cost per of units January 1 January 10 Inventors Balance 210 10.40 $ 2.184 00 Inventory Belance 170 10.40 $ 1.768.00 310 15.40 March 14 40 at 40 at 310 at 5 10.40 5 51040 $ $1540 416.00 416 00 4774.00 Total March 14 $5.190 00 40 at March 15 $10.40- at $15.40 $ Total March 15 416.00 000 416.00 0at 10.40 410 at $ 20.40 July 30 1040 at $20 40 Total July 30 October 5 Total October 5 October 25 110 at 25.40 110 at 5.2540 $ 2,104.00 2.79400 52.794.00 Required 2>