Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.60 = March 14 @ $17.60 = Purchase Sales Purchase March 15 July 30 October 5 October 26 Sales @ $22.60 = @ $27.60 = Purchase Totals Required: Hemming uses a perpetual inventory system. 265 units 430 units 465 units 165 units 1,325 units 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 $ 3,339 7,568 10,509 4,554 $ 25,970 Units Sold at Retail 225 units 370 units 440 units 1,035 units @ $42.60 @ $42.60 @ $42.60

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Hemming Company reported the following current-year purchases and sales for its only product. 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. Determine the costs assianed to endina inventorv and to cost of aoods sold usina FIFO. 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. Compute the gross profit for FIFO method and LIFO method