Require 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. Activities Beginning inventory Sales Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Required 1 Date January 1 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 2 Samme 45 Required 3 Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Goods Purchased # of units Units Acquired at Cost @ $11.80 = @ $16.80 = @ $21.80 = @ $26.80 = 245 units 390 units 1 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Cost per unit 445 units 145 units 1,225 units # of units sold $2,891 6,552 9,701 3,886 $ 23,030 Perpetual FIFO: Cost of Goods Sold Cost per unit Units Sold at Retail Cost of Goods Sold 190 units # of units 350 units 430 units 970 units @ $41.80 @ $41.80 @ $41.80 Inventory Balance Cost per unit Inventory Balance

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Required: Hemming uses a perpetual invntory 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. Compute the gross profit for FIFO method and LIFO method. otermine the rosts accioned to endinn inventoru and to enet of nonde enld ucinn FIFO. Use the following information for the Exercises 810 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. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO