52 Saved Help Save & Exit Submit Check my work Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Units Acquired at Cost Units Sold at Retat Beginning inventory 240 units @$11.60 $2,784 March 14 March 15 Sales. Purchase Sales 180 units $41.60 370 units July 30 October 5 October 26 Purchase Sales Purchase 440 units Totals 140 units 1,190 units @$16.60 = $21.60 = $26.60 = 6,142 9,504 330 units 415 units $41.60 0541.60 3,724 $ 22,154 925 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. 7 of 19 Next >