3 3.63 points 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. Date Skipped January 1 Activities Beginning inventory 230 unita Unita Acquired at Cost $11.20 - $2,576 January 10 March 141 Sales 160 units Units Sold at Retail #541.20 March 15: July 30 Purchase Sales Purchase 350 unita $16.20- 5,670 320 units $41.20 430 units $21.20- 9,116 October 5 October 26 Sales Purchase Totals 400 units #541.20 130 units 1,140 units $26.20- 3,406 $20,768 880 units Required: 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 Perpetual FIFO Cost of Goods Sold Date of units Cost per unit unit # of units sold Cost per Cost of Goods Sold January 11 January 101 March 14 Total March 14 of units Inventory Balance Cost per unit Inventory Balance Required information Complete this question by entering your answers in the caps Delow. 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 # of units sold Perpetual FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 20 Totals $ 0.00 Required 2 > Inventory Balance Cost per unit Inventory Balance 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. ped Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date # of units Goods Purchased Cost per unit Perpetual LIFO: Cost of Goods Sold # of units sold unit Cost per Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Required 1 Required 3> 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. Date Activities Units Acquired at Cost Units Sold at Retail January 1 January 10 Beginning inventory 230 units $11.20 - $2,576 Sales ed 160 units @ $41.20 March 14 July 30 March 15 Purchase Sales Purchase. 350 units $16.20- 5,670 320 units @ $41.20 430 units $21.20- 9,116 October 5 Sales 400 units. $41.20 October 26 Purchase Totals 130 units 1,140 units $26.20- 3,406 $ 20,768 880 units Required: 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO