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 285 units @ $13.40 = $ 3,819 January 10 Sales 250 units March 14 @ $43.40 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 1,118 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Date Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold # of units Cost per Cost per unit Inventory Balance # of units Cost per Inventory unit 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 erat