3 Required information Use the following information for the Exercises 8-10 below. (Static) [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 Beginning inventory 200 units @ $10 $ 2,000 January 10 Sales 150 units @ $48 March 14 Purchase 350 units @ $15 5,250 March 15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 9,000 October 5 Sales 430 units @ $40 October 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $ 18,750 880 units = Goods Purchased Date Perpetual FIFO: Cost of Goods Sold of units Cost per Cost of Goods sold # of units Cost per January 1 unit unit Sold Inventory Balans #of units Cost per Inventory unit Balance 2001 at $10.00 $ 2,000.00 January 10 150) at $10.00 $ 1.500.00 350 at 50 at March 14 $10.00 $ 15.00 $ 500.00 Total March 14 50 at 350 at $10.00 = $15.00 = $ 500.00 5.250.00 $ 5.750.00 March 15 on 50 at 250 at $10.00 $15.00 at 500.00 3,750.00 $ 4,250,00 $10.00 $15.00 = Total March 15 at 450 at $ 20.00 at July 30 at $10.00 $15.00 $20.00 at Total July 30 October 5 Total October 5 October 26 $ 5,750.00 Totals S Next > 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 UFO. 3. Compute the gross profit for FIFO method and LIFO method. Date Goods Purchased of units Cost per unit Perpetual LIFO Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold January 1 Inventory Balance of units Cost per Inventory unit Balance 2001 at $10.00 $ 2,000.00 January 10 150 at $10.00 $ 1,500.00 50 at $10.00 = $ 500.00 350) at March 14 $ 15.00 50 at 350 al $10.00 $ 15.00 Total March 14 March 15 = at 3000 at $ 10,00 $ 15.00 # 1 $ 0.00 4,500.00 $ 4,500.00 50 at 50 at $ 500,00 5,250.00 $ 5.750.00 $ 500.00 $ 750.00 $ 1.250.00 $10.00 $15.00 - Total March 15 450 at $ 20.00 $ July 30 50 at 50 at 450 at $ 10,00 $ 15.00 $ 20.00 $ 500.00 750.00 9,000.00 $ 10,250.00 Total July 30 at $ ## October 5 $10.00 $ 15.00 $ 20.00 at $ 0.00 0.00 8,600.00 $ 8,600.00 50 at 50 at 20 at $ 10.00 = $ 15.00 - $ 20.00 = 500.00 750.00 400.00 $ 1.650.00 4301 at " Total October 5 $ 25,00 1001 at $ October 26 50 at 50 at 20 at 100 at $ 10,00 = $15.00 = $ 20.00 = $25.00 500.00 750.00 400.00 2,500.00 $ 4,150.00 $ 14,600.00 Totals