Hemming Company reported the following current-year purchases and sales for its only product Date Activities Units Acquired at Cost January 1 Beginning inventory Units Sold at Retail 285 units @ $13.40 = January 10 $ 3,819 Sales 250 units @ $43.40 March 14 Purchase 470 units @ $18.40 = 8,648 March 15 Sales 400 units @ $43.40 July 30 Purchase 485 units $23.40 = 11,349 October 5 Sales 460 units @ $43.40 October 26 Purchase 185 units @ $28.40 = 5,254 Totals 1,425 units $ 29,070 1,110 units Chcemy work 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: Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO Perpetual FIFO Goods Purchases Coat of Goods Sold Date #of units Cost per of units sold Cost per Cost of Goods Sold unit January 1 Inventory Balance of units Cost per Inventory unit Balance January 10 March 14 Total March 14 March 15 Total March 15 July 30 Date # of units Cost per #of units sold Cost per unit Cost per Cost of Goods Sold unit # of units unit Inventory Balance 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 $ 0.00 Totals Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost of Goods #of units Cost per unit Inventory sold unit # of units Sold unit Balance January 1 January 10 Cost per March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 $ 0.00 Totals Totats 3 1,425 units $ 29,070 1.110 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. dok Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. nes FIFO LIFO Sales revenue Lese: Cost of goods sold Gross profit