5 ! 10 points Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Check my work Hemming Company reported the following current-year purchases and sales for its only product. eBook Date Activities Hint January 1 January 10 Beginning inventory Units Acquired at Cost 260 units @ $12.40 = Units Sold at Retail $ 3,224 Ask March 14 March 15 Print References July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase 215 units @ $42.40 420 units @ $17.40 = 7,308 380 units @ $42.40 460 units @ $22.40 = 10,304 425 units @ $42.40 Totals 160 units 1,300 units @ $27.40 = 4,384 $ 25,220 1,020 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Goods Purchased Date # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost per Cost per # of units sold Cost of Goods Sold # of units unit unit Inventory Balance 260 at $ 12.40 = $ 3,224.00 215 at $ 12.40 = $ 2,666.00 45 at $ 12.40 = $ 558.00 420 at $ 17.40 45 at $ 12.40 = II $ 558.00 420 at $ 17.40 = || 7,308.00 $ 7,866.00 at $ 12.40 = $ 0.00 0 at at $ 17.40 = 0.00 at Total October 5 October 26 Totals FA $ < Required 1 2,666.00 Required 2 > Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance October 26 Totals $ 0.00 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 Require