! 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. Date Activities January 1 Beginning inventory January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost 200 units @ $10 = 350 units Required 1 Required 2 450 units Required 3 100 units 1,100 units @$15 Complete this question by entering your answers in the tabs below. @ $20 @ $25 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 LIFO: = = $ 2,000 5,250 9,000 2,500 $ 18,750 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Units Sold at Retail 150 units 300 units 430 units 880 units @ $40 @ $40 @ $40

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 Required: Hemming uses a perpetuol inventory system. 1. Determine the costs assigned to ending imventory 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 FFF method and LFO method. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using LFF