Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals tequired: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $12.40 = @ $17.40 = @ $22.40 = @ $27.40 = Required 1 260 units. Required 2 420 units Required 3 460 units 160 units. 1,300 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. $ 3,224 7,308 10,304 4,384 $ 25,220 ton and to cost of goods sold using FIFO. Units Sold at Retail 215 units 380 units 425 units 1,020 units @ $42.40 @ $42.40 @ $42.40

Hemming Company reported the following curtent-year purchases and sales for its only product. ixercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 required: lemming 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 UIFO. 3. Compute the gross profit for FiFO method and LIFO method. Complete this question by entering your answers in the tabs below. (1) Required information 1. Determine the costs assigned to ending inventory and to 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. Compute the gross profit for FIFO method and LIFO method