Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 295 units @ $13.80 = Units Sold at Retail $ 4,071 March 14 March 15 Sales Purchase Sales 240 units @ $43.80 480 units $18.80= 9,024 420 units @ $43.80 July 30 October 5 October 26 Sales Purchase Totals Purchase 495 units @ $23.80 11,781 465 units @ $43.80 195 units 1,465 units @ $28.80 5,616 $ 30,492 1,125 units 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 1 Required 2 Required 3 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 Perpetual FIFO: Cost of Goods Sold Cost per unit Cost per Inventory Balance Inventory Cost of Goods Sold # of units unit Balance January 1 January 10 March 14