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Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{ March 15} & & & & 450 & at & \$ 12.20 & = & $ & 549.00 & 45 & at & $12.20 & & \$ 549.00 \\ \hline & & & & 3050 & at & s 17.20 & = & & 5,246.00 & 305 & at & $17,20 & = & (5) 5,246.00 \\ \hline Total March 15 & & & + & & & & & $ & 5,795.00 & & & & & \$ 5,795.00 \\ \hline \multirow{3}{*}{ July 30} & 4550 & at & $22.200 & & & & & & & 105 & at & $12.20 & = & \$ 1,281,00 \\ \hline & & & & x & & & & & & 1050 & at . & $17.20 & = & 1,806.00 \\ \hline & & & & & & & & & & 4550 & at & $22.20 & = & 10,101.00 \\ \hline Total July 30 & & & & & & & & & & & & & & $13,188.00 \\ \hline \multirow{3}{*}{ October 5} & & & & 105 & at & $1220 & = & $ & 1,281.00 & 105 & at & $12.20 & = & \$ 1,281,00 \\ \hline & & & & 1050 & at & $17.20 & = & & 1,806.00 & 105 & at & $1720 & & 1,806.00 \\ \hline & & & & 3250 & at & $22.20 & = & & 7,215.00 & 325 & at & $22.20 & = & 7,215.00 \\ \hline Total October 5 & & & & & & & & s & 10,302.00 & & & & & $10,302,00 \\ \hline \multirow{4}{*}{ October 26} & 1550 & at & $27.200 & & & & & & & 130 & at & $12.20 & = & \$ 1,586,00 \\ \hline & & & & & & & & & & 130 & at & $17.20 & = & 2,236,00 \\ \hline & & & & & & & & & & 1300 & at & $22.20 & & 2,896.00 \\ \hline & & & & & & & & & & 1550 & at & $27.20 & * & 4,216,00 \\ \hline Totals & & & & & & & & 3 & 18,659.00 & & & & & $10,924,00 \\ \hline \end{tabular} froculctit Required 2 etermine the costs assigned to ending inventory and to cost of goods sold using LIFO. Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline Total March 15 & & & & & & & & 10,290.00 & & & & & \$ 1,323.00 \\ \hline \multirow{3}{*}{ July 30} & 455 & at & \begin{tabular}{l} $ \\ 22.20 \end{tabular} & & & & & & 450 & at & 12.20 & = & \$ 549.00 \\ \hline & & & & & & & & & 600 & at & 17.20 & = & 1,032.00 \\ \hline & & & & & & & & & 4550 & at & \begin{tabular}{l} 5 \\ 22.20 \end{tabular} & = & 10,101.00 \\ \hline Total July 30 & & & & & & & & & & & & F & $11,682,00 \\ \hline \multirow{3}{*}{ October 5} & & & & 45 & at & 1220 & = & \& 549.00 & 45 & at & 12.20 & = & $549.00 \\ \hline & & & & 60 & at & 17.20 & = & 1,032,00 & 60 & at & 1720 & * & 1,032.00 \\ \hline & & 8 & & 4300 & at & \begin{tabular}{l} $ \\ 22.20 \end{tabular} & = & 9,546.00 & 250 & at & \begin{tabular}{l} $ \\ 22.20 \end{tabular} & = & 555.00 \\ \hline Total October 5 & & & & & & & & $ & & & & & $2,136.00 \\ \hline \multirow{4}{*}{ October 26} & 1550 & at & 27.2050 & & & & & & 450 & at & $ & = & \$ 549.00 \\ \hline & & & & & & & & & 600 & at & 5 & = & 1,032.00 \\ \hline & & & & & & & & & 250 & at & \begin{tabular}{l} 5 \\ 22.20 \end{tabular} & = & 555.00 \\ \hline & & & & & & & & & 155 & at & \begin{tabular}{l} $ \\ 27.20 \end{tabular} & & 4,216.00 \\ \hline Totals & & & & & & & & \begin{tabular}{l} $ \\ 23,979.00 \end{tabular} & & &. & & $6.352.00 \\ \hline \end{tabular} Required 1 Required 3 Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method