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1 0 hits Required information 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 Activities Units Acquired at Coat Units sold at Ret 1 Tonning Inventory 240 units $11.60- $ 2,784 Jan 10 180 unit 541.60 Haren in Purchase 370 units $16.60 - 6,142 March is Sales 330 units # 541.60 July 30 Purchase 440 units 321.60 - 9.500 October Sales 415 unita 541.60 October 26 Purchase 140 units # $26.60 - 3,224 Total 1,190 unite $ 22,154 925 unita 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 Cost per # of units sold Cost of Goods Sold unit Gooch Phichined Cost per onts unit Da Inventory Balance Cost per Inventory # of units unit Balance 240 at $ 11,60 - $ 2,784.00 January 1 January 10 $ 11.60 180 at 696.00 S 2,088.00 60 at $ 11.60 - + 60 at $ 11.60 = 370) at $ 16,60 370) at $ 16.60 March 14 $ 696.00 6.142.00 $ 6,838.00 Total March 14 at $ at March 15 $ 11.60 $ 16.60 0.00 0.00 ot at Total March 15 July 30 Total July 30 October 5 Total October 5 October 5 Total October 5 October 26 Totals $ 2,088.00 Required 1 Required 2 >