Date Activities Beginning inventory January 1 January 10 Sales March 14 Purchase March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Totals Units Acquired at cost units 2010 at etall 205 units 300 units $10.20 = @$15.20 = $ 2,091 160 units @ $40.20 4,560 250 units @ $40.20 400 units 105 units 1,010 units @$20.20 = @$25.20 = 8,080 375 units @ $40.20 2,646 $ 17,377 785 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. 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 LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # 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 5 October 26 Totals $ 0.00 Inventory Balance Cost per unit Inventory Balance