October $26$

Totals

$1,190$ units

$$22,154$

$925$ units

Required:

Hemming uses a perpetual inventory system.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

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 $3$

Compute the gross profit for FIFO method and LIFO method.

$\backslash$table$[[$Sales revenue,FIFO,LIFO$],[$Less Cost of goods sold,,$],[$Gross profit,,$]]$

$$