Required:

Hemming uses a perpetual inventory system.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO,

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.

$\backslash$table$[[$Perpetual FIFO:$],[,$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[,$# of units,$\backslash$table$[[$Cost per$],[$unit$]],$# of units sold,$\backslash$table$[[$Cost per$],[$unit$]],$Cost of Goods Sold,# of units,$\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1,,,,,,,,,230,$at$,$$$,1120,=,$$$,2,57600],[$January $10,,,,160,$at$,$$$,1120,=,1,79200,,,$$$,11\mathrm{.}20,=,,],[$March $14,350,$at$,\{$f$8$f$07$dbca$-$b$4$db$-4$de$8-$a$9$fe$-67$b$20609478$d$\}$

$\backslash$table$[[$$$,16\mathrm{.}20]],,,,,,,$at$,$$$,1120,,,],[,,,,,,,,=,$at$,$$$,16\mathrm{.}20,,,],[$Total March $14,,,,,,,,,,,,,,,],[$March $15,,,,320,,,,,,,$$$,1120,,,],[,,,,,,,,,,,,,,],[$Total March $15],[$July $30,430,$at$,$$$,21\mathrm{.}20,**,,,,,,$at$,$$$,11\mathrm{.}20,,,],[,,,,,,,,,,x,,,,],[,,,,,,,,,$at$,$$$,2120,,,],[$Total July $30],[$October $5],[],[$Total October $5],[],[$October $26,130,$at$,$$$,26\mathrm{.}20,,,,,,,,,,,,],[,,,,,,,,,,,,,,],[,,,,,,,,,,,,,,],[,,,,,,,,,$at$,$$$,26\mathrm{.}20,,,],[$Totals$,,,,,,,,$$$,1,79200,,,,,,,]]$