! 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. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 5,250 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 = 100 units 1,100 units 2,500 $ 18,750 Totals 880 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 Cost per Cost of Goods sold Sold Goods Purchased Cost per # of units Date Inventory Balance # of units Cost per Inventory Balance unit unit unit January 1 January 10 150 at $ 40.00 $ 6,000.00 350 at $ 15.00 March 14 at $ 15.00 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 6,000.00 Goods Purchased Cost per # of units unit Date Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold 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 October 26 Totals $ 0.00 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