perpetual LIFO

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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 215 units @ $10.60 = $ 2,279 January 10 Sales 188 units $40.60 March 14 Purchase 320 units @ $15.60 = 4,992 March 15 Sales 268 units @ $40.60 July 30 Purchase 415 units @ $20.60 = 8,549 October 5 Sales 400 units @ $40.60 October 26 Purchase 115 units @ $25.60 = 2,944 Totals 1,065 units $ 18,764 848 units 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Perpetual LIFO Cost of Goods Sold Cost #of units Cost of Goods sold per Sold unit Goods Purchased Cost # of units por unit Date S January 1 Inventory Balance Cost Inventory of units per Balance unit 215 at $ 2.279.00 10.60 $ 35 $ 371.00 10.60 $ 35 at 10.60 $ 371.00 $ 320 at 15.60 4,992.00 $ 5,363.00 > $1,908.00 at 180 at January 10 10.60 320 at 15.60 March 14 Total March 14 35 $ 371.00 at $2.756.00 s 10.60 260 % at = 10.60 S 15.60 March 15 60 at 936.00 at 15.60 0.00 $2.755.00 S 1.307.00 Total March 15 35 $ 371.00 415 ot 20..60 3 60 at $ 10.60 s 15.60 20.60 936.00 July 30 415 $ 1.307.00 IMTI 60 at = 936.00 at 15.60 15,60 0.00 $2,756.00 $ 1,307.00 Total March 15 35 at $ 371,00 415 at 20..60 X 60 at 10.60 $ 15.60 20.60 936.00 July 30 415 $ 1,307.00 Total July 30 35 400 > 0.00 60 8 at $ 15.60 936.00 at October 5 $ 15.60 20.60 15 S 936.00 Total October 5 35 . 115 at 25.60 60 at 936.00 15.60 October 26 15 115 at $ 25.60 2,944.00 $ 3,880.00 $4,664.00 Totals