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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	205	units	@ $10.20	=	$ 2,091
January 10	Sales						160	units	@ $40.20
March 14	Purchase	300	units	@ $15.20	=	4,560
March 15	Sales						250	units	@ $40.20
July 30	Purchase	400	units	@ $20.20	=	8,080
October 5	Sales						375	units	@ $40.20
October 26	Purchase	105	units	@ $25.20	=	2,646
	Totals	1,010	units			$ 17,377	785	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.

\begin{tabular}{l||l||l} Required 1 & Required 2 & Required 3 \end{tabular} Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assiqned to ending inventory and to cost of goods sold using LIFO. Compute the gross profit for FIFO method and LIFO method