how to do this

Use the following information for the Exercises 8-10 below. (Algo) [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 240 units @$11.60 - $ 2,784 January 10 Sales March 14 180 units $41.60 Purchase 370 units $16.60 - 6,142 March 15 Sales July 30 330 units @ 541.60 Purchase 440 units @ $21.60 - 9,504 October 5 Sales 415 units $41.60 October 26 Purchase 140 units @ $26.60 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 Perpetual FIFO Cost of Goods Sold Goods Purchased Bato Cost per of units Cost per unit # of units sold unit Cost of Goods Sold Inventory Balance Cost per Inventory #of units unit Balance 240 at 5 11.60=$ 2,784.00 January 1 January 10 180 at 11.60 2,088.00 60 at $11.60 5 696.00 370 at $ 1660 March 14 5 11.60 = 601 at 370) at 5 16 60 = $ 696 00 6,142.00 $ 6,838,00 Total March 14 March 15 60 at $ at $ 11 60 $ 1160 5 16.60 = at 696.00 0.00 696.00 at Total March 15 $ July 30 Total July 30 October 5 Total October 5 October 26 Els 5 2,78400 Required 2 >