Hemming Company reported the following current-year purchases and sales for its only product.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method

Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	200	units	@ $10	=	$ 2,000
January 10	Sales						150	units	@ $40
March 14	Purchase	350	units	@ $15	=	5,250
March 15	Sales						300	units	@ $40
July 30	Purchase	450	units	@ $20	=	9,000
October 5	Sales						430	units	@ $40
October 26	Purchase	100	units	@ $25	=	2,500
	Totals	1,100	units			$ 18,750	880	units