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work Saved Help Save C 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 240 units @ $11.60 - $ 2,784 January 10 Sales 180 units March 14 Purchase @ 541.60 370 units @ $16.60 - 6.142 March 15 Sales 330 units $41.60 July 30 Purchase 440 units $21.60 - 9,504 October 5 Sales 415 units @ 541.60 October 26 Purchase 140 units $26.60 - 3,224 Totals 1, 190 units $ 22,154 925 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIES: Cost of Goods Sold Cost per of units sold unit Cost of Goods Sold Goods Purchased Cost per Bol units unit Date Inventory Balance of units Inventory Balance Cost per January 1 January 10 2.784 at 370) at $ 16.60 370 March 14 1 $ 16,60 Total March 14 Required information 1 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 $ 0.00 Totals Goods Purchased Date Perpetual LIFO Cost of Goods Sold # of units Cost of Goods sold unit Sold # of units Cost per Cost per Inventory Balance Cost Inventory # of units Balance unit per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 1 Required information October 5 Total October 5 October 26 Totals 0.00 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit