3 Hemming Company reported the following current-year purchases and sales for its only product. Part 1 of 2 2 points Date Activities January 1 January 10 Purchase Sales Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals 360 units 435 units Units Acquired at Cost 235 units @ $11.40 = @ $16.40 @ $21.40 Units Sold at Retail $ 2,679 170 units @ $41.40 = 5,904 290 units @ $41.40 9,309 410 units @ $41.40 135 units 1,165 units @ $26.40 3,564 $ 21,456 870 units eBook Required: + Hint Print References 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 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 26 Inventory Balance Cost per unit Inventory Balance Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 Goods Purchased # of units Cost per unit # of units sold July 30 Total July 30 October 5 Total October 5 October 26 Totals Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit # of units Sold Inventory Balance Cost per unit Inventory Balance 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 LIFO < Required 2 Required 3 >