Homework Hemming Company reported the following current-year purchases and sales for its only product Date January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales Purchase July 30 October 5. October 26 Sales Purchase Totals 215 units Units Acquired at Cost $10.00- Units sold at Retail $ 2,279 180 units 320 units $15. 4,992 260 units 540.60 415 units $20.60- 8,549 400 units $40.0 315 onits 1,005 units $25.60- 2,944 $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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Goods Purchased De of units Cost per unit of units sold Perpetual EQ Cost of Goods Sold Cost per unit Cost of Goods Sold Cost per loventory Balance Inventory of units Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 301 Total July 30 October 5 Total October 5 October 26 Total 0.00 Sere Hemming Company reported the following current-year purchases and sales for its only product Date Activities January 1 Beginning inventory January 10 Sales March 14 March 15 July 30 Purchase Sales Purchase October 5 October 26 Sales Purchase Totals 215 units Units Acquired at Cost $10.60- Units Sold at Betall $2,279 180 units 320 units $40.00 #$15.60- 4,992 260 units $40.60 415 units 520.60 8,549 400 units 540.60 115 units 1,065 52560 2,944 5 38,764 840 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LiFo Date Goods Purchased Perpetual LIFO Cost of Goods Sold of units Inventory Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 301 Total July 30 of units Cost per of units Cost per Cost of Goods unit sold unit Sold October 5 Total October 5 October 26 Total < Required 1 000 Required 3> Inventory Balance Sevd omework 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 January 10 Sales March 14) Purchase Sales March 15 July 30 Purchase October 5 Sales October 26 Purchase Totals 215 units Units Acquired at Cost $10.60- Units Sold at Retail $2,279 180 units $40.60 320 units @$15.60- 4,992 260 units $40.60 415 units $20.60- 8,549 400 units $40.60 115 units 1,065 units $25.60 2,944 $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 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 < Required 2 Required 3>