! 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. Dato Activities Units Acquired at cost Units sold at Retail January 1 Beginning inventory 280 units e $13.20- $ 3, 696 January 10 Sales 240 units $43.20 March 14 Purchase 460 unita $18.20 - 8,372 March 15 Sales 410 units $43.20 July 30 Purchase 480 units e $23.20 - 11,136 October 5 Sales 450 units e $43.20 October 26 Purchase 180 units $28.20 - 5,076 Totals 1,400 units $ 28,280 1.100 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. Perpetual FIFO: Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Goods Purchased Cost per of units unit Date Inventory Balance Cost per Inventory of units unit Balance 280 at $ 13.20 $ 3,696.00 January 1 January 10 240 at $ 13.20 a $ 3,168,00 40 at $ 13.20 = s 528.00 460) at $ 18.20 40 at $ 528.00 $ 13.20 = $ 18.20 at March 14 Total March 14 $ 528.00 at = $ 0.00 al March 15 u on 13.20 18.20 at = 0.00 at Total March 15 July 30 Total July 30 October 5 Total October 5 hopesu TCULAS + Required information at $ 13.20 $ at March 15 0.00 0,00 at $ 18.20 at Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 $ 3,168.00 Totals Bewed 2 Nyumu Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Goods Purchased Cost per # of units unit Inventory Balance Cost per Inventory # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Onther 2 Help Save Required information January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 2. Determine the costs assigned to ending inventory and to cost of gooc 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs belo Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit