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52 points Required information Use the following information for the Exercises 8-10 below. (Algo) The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 295 units @ $13.80 $ 4,071 January 10 Sales 240 units $43. Be March 14 Purchase 48 units $18.80 9,024 March 15 Sales 420 units @ $43.80 July 30 Purchase 495 units a $23.80 11,781 October 5 Sales 465 units $43.80 October 26 Purchase 195 units $28.30 = 5,616 Totats 1,465 units $ 30,492 1,125 units Date Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIF 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. Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using pro Perpetual Good Purchased Cost of Goods Sold Date Cost Cost of units of units Cost of Goode per por Inventory Balance Cout wentory per of unite 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using Fifo. Perpetual FIFO Goods Purchased Cost of Goods Sold Date Cost Cost of units of units per Cost of Goods per sold unit unit Sold January 1 January 10 240 at $ 13.80 3,312.00 480 lat $18.80 March 14 Inventory Balance Cost Inventory of units per Balance 295 at unit 550 55 480 $18.80 Total March 14 9.024.00 5 9.024.00 March 15 55 365 $18.80 115 $18.80 6,862.00 $8,062.00 Total March 15 $ 2.162.00 $ 2.162.00 495 at $ 23.80 July 30 o 115 lat 495 $18.80 $23.80 2.162.00 11,781.00 $13.943.00 Total July 30 Required information Required 1 Required 2 Required 3 Inventory Balance Cost Inventory por Balance # of units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost Cost # of units # of units Cost of Goods per per sold Sold unit January 1 January 10 240 at $ 13.80 $ 3,312.00 480 at $18.80 March 14 unit unit 295 at 55 at 55 480 at $18.80 9,024.00 $ 9,024.00 Total March 14 0 March 15 55 365 at $ 18.80 115 at $18.80 6,862.00 $ 6,862.00 $ 2.162.00 $ 2,162.00 Total March 15 0 495 at $ 23.80 July 30 115 at 495 at $18.80 $23.80 2,162.00 11,781.00 $13,943.00 Total July 30 at 0.00 October 5 at $ 18.80 $ 23.80 $18.80 $23.80 at 0.00 at Total October 5 195 al $ 28.80 at October 26 at $18.80 $23.80 $28.80 at Totals $ 10,174.00 Rewired Required information wy Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Cost # of units per Cost of Goods sold unit Sold Goods Purchased Cost # of units per unit Date Inventory Balance Cost Inventory per Balance unit # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October October 26 Totals $ 0.00 Required 1 Required 3 > 1 12 points 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 295 units @ $13.80 = $ 4,071 January 10 Sales 240 units @ $43.80 March 14 Purchase 480 units @ $18.80 = 9,024 March 15 Sales 420 units @ $43.80 July 30 Purchase 495 units @ $23.80 11,781 October 5 Sales 465 units @ $43.80 October 26 Purchase 195 units @ $28.80 = 5,616 Totals 1,465 units $ 30,492 1,125 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. Answer is not complete Complete 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 FIFO UFO Sales revenue Less: Cost of goods sold Gross profit