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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 Date Activities Units Acquired at Cost Units Sold at Retan January 1 Beginning inventory 265 units $12.60 $ 3,339 January 10 Sales 225 units @ $42.60 March 14 Purchase 430 units @ $17.68 = 7,568 March 15 Sales 370 units @ $42.60 July 30 Purchase 465 units @ $22.60 10,509 October 5 Sales 440 units @ $42.60 October 26 Purchase 165 units $27.60 = 4,554 Totals 1,325 units $ 25,970 1,035 units Exercise 6-8 (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. 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost per # of units unit unit Cost of Goods Sold January 1 #of units sold cost per Inventory Balance Cost per Inventory unit Balance of units January 10 430 at Date Goods Purchased Cost per of units Unit Cost of Goods Sold Cost per # of units sold unit Cost of Goods Sold Inventory Balance Cost per Inventory unit Balance of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 | July 30 To July 30 October Total October 5 Required information Date Goods Purchased Cost per of units unit Perpetual LIFO: Cost of Goods Sold #of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. LIFO 44,091 $ Sales revenue Less: Cost of goods sold Gross profit FIFO 44,091 18,591 25,500 $