Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Activities Beginning inventory 275 units Units Acquired at Cost @$13.00- Units Sold at Retail $ 3,575 Sales 230 units @$43.00 Purchase 450 units July 30 October 51 October 26 Sales Purchase Totals March 15 Safes Purchase 475 units 175 units 1,375 units @$18.00- $23.00 - 8,100 400 units $43.00 10,925 455 units $43.00 @$28.00 4,900 $ 27,500 1,085 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming 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 LIFO 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required information Goods Purchased Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 # of units Cost per unit Cost of Goods Sold # of units sold Cost per Cost of Goods Sold unit Prev 1 of 1 Next # of units Inventory Balance Cost per unit Inventory Balance Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Required 2 > int Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units January 1 January 10 Inventory Balance Cost per unit March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 Inventory Balance rint Required information July 30 Total July 30 October 5 Total October 5 October 26 Totals + < Required 1 Required 3 > Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO