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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 Beginning 4 1 300 units inventory $4,200 $14.00 January 10 Sales 250 units $44.00 March 14 Purchase 520 units 9,880 $19.00 March 15. Sales 460 units $44.00 July 30 Purchase 500 units $24.00 12,000 October 5 Sales 480 units $44.00 October 26 Purchase 200 units 5,800 $29.00 Totals 1,520 units $ 31,880 1,190 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 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 Required Required 2 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost Cost # of units # of units Cost of Goods # per Inventory units sold per unit per Sold Balance unit unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Realred Required 2 > Required Required Required 2 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Cost of Goods Sold Inventory Balance Purchased Date Cost Cost Cost # of units per # of units Cost of Inventory # of units per sold per Balance Goods Sold unit unit unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 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 Required Required 2. 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit