Hemming Company [eported the following currentyear purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January' 1 Beginning inventory 225 units @ $13.66 = $ 3,5?5 "January 16 Sales 236 units @ $43.66 I'Iarch 14 Purchase 456 units @ $18.66 = 8,166 March 15 Sales 466 units @ $43.66 July 36 Purchase 425 units @ $23.66 = 16,925 October 5 Sales 455 units @ $43.66 October 26 Purchase 11'5 units . $28.66 = 4,966 Totals 1,3?5 units $ 22,566 1,685 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 1 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units sold Cost per Cost of Goods Sold # of units Cost per Inventory unit unit unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30\fPerpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units Cost per Cost of Goods Cost per Inventory unit sold unit Sold # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30\fCompute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit