nemmmy Company reported the following current-year purchases anu saies for its only product. Date Activities January 1 January 10 Beginning inventory Units Acquired at Cost 245 units @ $11.80 = $ 2,891 Units Sold at Retail Sales 190 units @ $41.80 March 14 3 March 15 July 30 October 5 Purchase Sales Purchase 390 units @ $16.80 = October 26 Sales Purchase Totals 6,552 445 units @ $21.80 = 9,701 145 units @ $26.80 = 1,225 units 350 units @ $41.80 430 units @ $41.80 3,886 $ 23,030 970 units ed 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. nces Required 1 Required 2 Required 3 Determine the costs assigned towing inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost per Cost of Goods Sold # of units unit Inventory Balance Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 < Prev S 8 9 10 O