perpetual Fifo, perpetual Lifo, and gross profit for fifo and lifo method

Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Units Acquired at Cost Activities Beginning inventory Sales 285 units @.$13.40 = January 1 January 10 March 14 $3,819 Purchase 470 units @ $18.40 = Sales March 15 July 30 October 5 Purchase 485 units @ $23.40 = 8,648 11,349 5,254 October 26 Purchase @ $28.40 185 units 1,425 units Totals $ 29,070 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. Sales Units Sold at Retail 250 units 400 units 460 units 1,110 units @$43.40 @ $43.40 @$43.40