4 Part 1 of 2 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 20 DOUR Date January 1 Activities Beginning inventory Harch 14 March 151 July 30 Sales Purchase Sales October S Purchase Sales October 26 Purchase Totals Ha Units Acquired at cist $10,40 units sold at Retall 4,774 270 units $40.40 #548.4 430 units $20.40- 8,364 300 units 540.40 125.40 1,040 units 3,294 18.116 830 units 01 References 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 eBook Hi LALIN, BN VURL sending 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 1 Total March 15 eferences July 30 Total July 30 October 5 Total October 5 October 201 Totals 0.00 Inventory Balance Cost per unit 5 10 40 Inventory Balance whook Data January 1 Good's Purchased # of units mory JAM to cost of goods sold using LIFO. Cost per unit of units sold Perpetual LIFO Cost of Goods Sold Cost per unit Cost of Goods Sold of units Inventory Balance Cost per unit Inventory Balance January 10 Him March 14 Print Total March 14 March 15 References Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals 0.00 iplte 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 < Required 2 LIFO