Required Information$1$

$12$

Required Information

Use the following Information for the Exerclses $8-10$ below. $($Algo$)$

$[$The following informetion applies to the questions displayed below.$]$

Hemming Compony reported the following currentyeor purcheses and soles for its only product

$\backslash$table$[[$Date$,$Actlivities,Units,cquirvd at$,$Cost,,Whits sold at$,$Rotall$],[$January $1,$Eoglining fmentory,$260$ units,$($e$)$ $$12\mathrm{.}49,=,$$$3,224,,],[$January $18,$Sales,,,,,$215$ units,e $$42\mathrm{.}40$

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 P$1$

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.

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Compute the gross profit for FIFO method and LIFO method.