Hemming Company reported the following current-year purchases and sales for its only product. 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{19}{|c|}{ Perpetual FIFO: } \\ \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{4}{|c|}{ Goods Purchased } & \multicolumn{7}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{ t of units } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{2}{|c|}{ \# of units sold } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ If of units } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{3}{|c|}{InventoryBalance} \\ \hline & & & & & & & & & & & & 225 & at & $ & 11.00 & = & $ & 2,475.00 \\ \hline January 10 & & & & & 150 & at & s & 11.00 & = & s & 1,650.00 & 75 & at & s & 11.00 & = & $ & 82500 \\ \hline \multirow{2}{*}{ March 14} & 340 & at & s & 16.00 & & & & & & & & 75 & at & $ & 11.00 & = & $ & 825.00 \\ \hline & & & & & & & & & & & & 340 & at & s & 16.00 & = & & 5,440,00 \\ \hline Total March 14 & & & & & & & & & & & & & & & & & \$ & 6,265.00 \\ \hline \multirow{2}{*}{ March 15} & & & & & 75 & at & s & 11.00 & = & s & 825.00 & 0 & at & s & 11.00 & & & \\ \hline & & & & & 225 & at & S & 16.00 & = & & 3,600.00 & 115 & at & s & 16.00 & = & s & 1,84000 \\ \hline Total March 15 & & & & & & & & & & s & 4,425.00 & & & & & & $ & 1,840,00 \\ \hline \multirow{3}{*}{ July 30} & 425 & at & s & 21.00 & & & & & & & & 0 & at & s & 11.00 & & & \\ \hline & & & & & & & & & & & & 115 & at & s & 16.00 & = & & 1,840.00 \\ \hline & & & & & & & & & & & & 425 & at & s & 21.00 & = & & 8,925,00 \\ \hline Total July 30 & & & & & & & & & & & & & & & & & \$ & 10,765.00 \\ \hline \multirow{3}{*}{ October 5} & & & & & 0 & at & s & 11.00 & = & $ & 0.00 & 0 & at & s & 11.00 & & & \\ \hline & & & & & 115 & at & s & 16.00 & = & & 1,840.00 & & at & s & 16.00 & & & \\ \hline & & & & & 280 & at & s & 21.00 & = & & 5,880.00 & 145 & at & s & 21.00 & = & & 3,045,00 \\ \hline Total October 5 & & & & & & & & & & $ & 7,720.00 & & & & & & s & 3,045.00 \\ \hline \multirow{4}{*}{ October 26} & & & & & & & & & & & & & & & & & & \\ \hline & & & & & & & & & & & & & & & & & & \\ \hline & & & & & & & & & & & & & & & & & & \\ \hline & & & & & & & & & & & & & & & & & & \\ \hline Totals & & & & & & & & & & s & 13,795.00 & & & & & & & \\ \hline \end{tabular}