6 ! Required information Required: Part 1 of 2 Hemming uses a perpetual inventory system. 4.28 points eBook Hint 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. Print Required 1 Required 2 Required 3 References Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO 18,100 18,900 < Required 2 Required 3 > 6 ! t1 of 2 Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] B ts Hemming Company reported the following current-year purchases and sales for its only product. Date Activities eBook January 1 January 10 Beginning inventory Units Acquired at Cost 270 units @ $12.80 Units Sold at Retail $ 3,456 Sales 220 units @ $42.80 Hint Print ferences July 30 October 5 October 26 Purchase Sales Purchase Sales March 14 March 15 400 units @ $17.80 7,120 340 units @ $42.80 470 units Purchase Totals 170 units 1,310 units @ $22.80 = @ $27.80 10,716 440 units @ $42.80 4,726 $ 26,018 1,000 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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