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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 Retail January 1 Beginning inventory 245 units @ $11.80 = $ 2,891 January 10 Sales 190 units @ $41.se March 14 Purchase 390 units $16.80 = 6,552 March 15 sales 350 units @ $41.30 July 30 Purchase 445 units $21.se 9,701 October 5 Sales 430 units @ $41.30 October 26 Purchase 145 units $26.90 3,886 Totals 1,225 units 23,830 970 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetuaro: Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Goods Purchased Cost per of units Date Inventory Balance Cost per Inventory unit Balance oturis Required information 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 Dale Cost per of units # of units sold cost per Cost of Goods Sold unit unit January 1 January 10 Inventory Balance Cost per Inventory of units unit Balance March 14 Total March 14 March 15 ces Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Required 2 Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date #of units # of units Cost per Cost per Cost of Goods Cost per # of units Inventory Sold unit Balance January 1 January 10 unit sold unit March 14 Total March 14 March 15 ces Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals