Please show work and explain how you got each number from.

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 270 units @ $12.80 - $ 3,456 January 10 Sales 220 units & $42.80 March 14 Purchase 400 units 2 $17.80 = 7,120 March 15 Sales 340 units $42.80 July 30 Purchase 470 units @ $22.80 - 10, 716 October 5 Sales 440 units $42.80 October 26 Purchase 170 units @ $27.80 4,726 Totals 1,310 units $ 26,018 1,000 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. # of units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost # of units Cost # of units Cost of Goods sold per Sold unit January 1 January 10 at $ 12.80 $ 2,816.00 400 at $ 17.80 March 14 per unit Inventory Balance Cost per Inventory unit Balance $12.80 $ 3,456.00 270 at 220 50 at $12.80 = $ 640.00 50 > Jat at $ 12.80 $ 17.80 111 400 S 140.00 7,120.00 $ 7,760.00 Total March 14 = March 15 50 290 olo at at $ 12.80 $ 17,80 840.00 5.162.00 5,802 50 at $ 12.80 at $17.80 110 $ 840.00 $ 1,958.00 $ 2,598.00 Total March 15 470 at $ 22.80 July 30 110 at 470 at 580 at $ 12.80 $17.80 $22.80 = $ 1.408.00 8,386.00 13,224.00 $22,998.00 Total July 30 110 at October 5 110 at 330 at $ 12.80 $ 17.80 $ 22.80 $ 1.408.00 1.958.00 7,524.00 $ 10,890.00 110 at $ 12.80 110 at $17.80 140 at $22.80 $ 1.408.00 1.958.00 3.192.00 $ 6,558.00 - Total October 5 170 at $ 27.80 110 at 470 October 26 at at $ 12.80 $17.80 $ 22.80 $ 27.80 140 170 $ 1.408.00 8,366.00 3.192.00 4,726.00 $17.692.00 at Totals $ 19,508.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost Cost # of units Cost # of units per Cost of Goods per Inventory sold Wof units unit per Sold unit unit Balance January 1 15 270 at 12.80 $ 3,456.00 January 10 220 at $ 2.816.00 12.80 $ 50 $ 640.00 12.80 400 at S 17.80 50 at $ 640.00 March 14 12.80 400 at S 7,120.00 17.80 Total March 14 $ 7,760.00 S 220 at S $ 2.816.00 50 12.80 $ 640.00 March 15 12.80 S 340 at 17.80 6,052.00 60 at 17.80 1,068.00 Total March 15 $8,868.00 $ 1,708.00 > at L 470 at 22.80 50 at s 12.80 IS $ 640.00 July 30 60 at 17.80 1.068.00 470 at $ 22.80 10.716.00 $ 12,424.00 Total July 30 220 at $ 2.816.00 50 = $ 640.00 October 5 340 at s 12.80 S 17.80 $ 22.80 6,052.00 60 at $ 12.80 IS 17.80 IS 22.80 1,068.00 440 at 30 at 684.00 Total October 5 10,032.00 Is 18.900.00 $ 2,392.00 170 at 27.80 > 50 at 11 $ 640.00 60 at 1,068.00 October 26 S 12.80 S 17 80 S 22.80 S 27.80 30 at 684.00 170 at 4,726.00 Totals $ 7,118.00 30.584.00 Compute the gross profit for FIFO method and LIFO method. $ $ en Sales revenue Less: Cost of goods sold Gross profit FIFO 42,800 18,100 24,700 LIFO 42,800 18,900 23,900 $ on Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold of units Ending Inventory of units in ending Cost per unit Inventory Cost per unit Cost of Goods Available for Sale #of units sold Coat per unit Cost of Goods Sold Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 0 b) Periodie LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost of Goods Available for Sale of units in ending cost per unit Cost per unit Cost of Goods Sold # of units sold cost per unit Inventory Ending inventory Beginning inventory Purchases March 14 July 30 October 25 Total 5 0 $ c) Gross profit FIFO LIFO