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	275	units	@ $13.00	=	$ 3,575
January 10	Sales						230	units	@ $43.00
March 14	Purchase	450	units	@ $18.00	=	8,100
March 15	Sales						400	units	@ $43.00
July 30	Purchase	475	units	@ $23.00	=	10,925
October 5	Sales						455	units	@ $43.00
October 26	Purchase	175	units	@ $28.00	=	4,900
	Totals	1,375	units			$ 27,500	1,085	units

Required Information Date # of units Cost per Cost per cost of Goods Sold # # of units sold unit unit January 1 January 10 230 at $ 13.00 = $ 2.990.00 Cost per # of units Inventory unit Balance 275 at $ 13.00 = $ 3,575.00 45 at $ 13.00 = $ 585.00 45 at $ 13.00 - $ 585.00 450 at $ 18.00 = 8,100.00 $ 8,685.00 450 at S 18.00 March 14 Total March 14 45 at $ 13.00 = $ 585.00 495 at $ 13.00 $ 6,435.00 March 15 355 at $ 18.00 = 95 at $ 18.00 = $ 1,710.00 6,390.00 6,975.00 Total March 15 $ $ 8,145.00 475) at S 23.00 at July 30 95 at 475 at $ 13.00 $ 18.00 = $ 23.00 = 1,710.00 10,925.00 Total July 30 $ 12,635.00 at = $ at $ 13.00 $ 13.00 $ 18.00 October 5 at 0.00 0.00 0.00 at $ 18.00 at $ 23.00 at $ 23.00 Total October 5 175 at S 28.00 at October 26 at 115 at 175 at $ 13.00 $ 18.00 $ 23.00 = $ 28.00 = 2,645.00 4,900.00 Totals $ 9,965.00 $ 7,545.00 Required information Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit Balance 275 at $ 13.00 = $ 3,575.00 January 1 January 10 230 at at $ 5.30 $ 1,219.00 $ 13.00 - 450 at $ 18,00 at $ 13.00 March 14 at $ 18.00 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 1,219.00 2 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 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit