Hemming Company reported the following current-year purchases and sales for its only product.

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.

0 Required information The following information applies to the questions displayed below) 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 215 units 510.60 - 5 2,279 January 10 Sales 180 units $40.60 March 14 Purchase 32 units @ $15.60 = 4,992 March 15 Sales 260 units @ $40.60 July 30 Purchase 415 units $20.60 = 8,549 October 5 Sales 400 units @ $40.60 October 26 Purchase 115 units $25.60 - 2,944 Totals 1,065 units $ 18,764 840 units ces 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 Required information Perpetual FIFO Cost of Goods Sold Cost per # of units sold unit Cost of Goods Sold Goods Purchased # of units Cost per unit Date Inventory Balance Cost per Inventory # of units unit Balance 215 at $ 10,60 2,279.00 January 1 January 10 180 at $ 10.60 1,908.00 35 at $ 10.60 - 371.00 320 at $ 15.60 March 14 35 at 320 at $ 10,60 = $ 15,60 = $ 371.00 4,992.00 $ 5,363.00 Total March 14 at $ 0.00 o at March 15 $ 10.60 $ 15.60 at 0.00 at Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 1.908.00 Prev 1 of 1 !!! Next MacBook Air Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per Inventory # of units unit Balance # of units unit 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 Totals $ 0.00 Prev 1 of 1 Next > 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 215 units @ $10.60 - $ 2,279 January 10 Sales 180 units @ $40.60 March 14 Purchase 320 units $15.60 = 4,992 March 15 Sales 260 units @ $40.60 July 30 Purchase 415 units $20.60 8,549 October 5 Sales 400 units $40.60 October 26 Purchase 115 units $25.60 = 2,944 Totals 1,065 units $ 18,764 840 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. Complete this question by entering your answers in the tabs below. Required: 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