Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 200 units January 19 @ $10 $ 2,000 Sales 150 units @ $40 March 14 Purchase 350 units @ $15 March 15 5,250 Sales 300 units July 30 Purchase @ $40 450 units October 5 @ $20 9,900 Sales 430 units Purchase @ $40 October 26 100 units @ $25 2,500 Totals 1,100 units $18.750 380 units equired: Hemming uses a perpetual inventory system 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 Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance # of units Inventory unit Balance Cost per # of units unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 Required information Total July 30 October 5 Total October 5 October 26 Totals Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit