Hemming Company reported the following current-year purchases and sales for its only product. Date Activities. January 1 January 10- March 14 Beginning inventory Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals 225 units Units Acquired at Cost $11.00- Units Sold at Retail $2,475 150 units @$41.00 340 units @$16.00- 5,440 300 units @$41.00 425 units 125 units 1,115 units @$21.00 - 8,925 395 units @$41.00 @$26.00 - 3,250 $ 20,090 845 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold PerpetualFIFO Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Book Him + Print References 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals S 0.00 Inventory Balance Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO