Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to...

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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. ces Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 Saved Help Sav 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 January 1 Activities Beginning inventory 220 units Units Acquired at Cost @$10.50 Units Sold at Retail $2,376 January 10 Sales: 190 units March 14 Purchase 330 units $15.80 5,214 March 15 Sales 280 units $40.80 @$40.80 July 30 October 5 October 26 Totals Purchase Sales Purchase 420 units @$20.80- 8,736 390 units $40.88 120 units $25.80- 1,090 units 3,096 $19,422 860 units 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. ces Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 Saved Help Sav 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 January 1 Activities Beginning inventory 220 units Units Acquired at Cost @$10.50 Units Sold at Retail $2,376 January 10 Sales: 190 units March 14 Purchase 330 units $15.80 5,214 March 15 Sales 280 units $40.80 @$40.80 July 30 October 5 October 26 Totals Purchase Sales Purchase 420 units @$20.80- 8,736 390 units $40.88 120 units $25.80- 1,090 units 3,096 $19,422 860 units