! 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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $10.20 = 205 units 300 units 400 units 105 units 1,010 units @ $15.20 = @ $20.20 = @ $25.20 = $ 2,091 Complete this question by entering your answers in the tabs below. 4,560 8,080 2,646 $ 17,377 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. Units Sold at Retail @ $40.20 250 units @ $40.20 160 units 375 units 785 units @ $40.20

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 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. Complete this question by entering your answers in the tabs below. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{13}{|c|}{ Perpotual LIFO: } \\ \hline \multirow{3}{*}{\begin{tabular}{l} Date \\ January 1 \end{tabular}} & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{4}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|l|}{ \# of units } & \multirow[t]{2}{*}{\begin{tabular}{l} Cost \\ per \\ unit \end{tabular}} & \multicolumn{2}{|l|}{\begin{tabular}{c} \# of units \\ sold \end{tabular}} & \multirow[t]{2}{*}{\begin{tabular}{l} Cost \\ per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \multicolumn{2}{|c|}{# of units } & \multirow{2}{*}{\begin{tabular}{|l} \begin{tabular}{c} Cost \\ per \\ unit \end{tabular} \\ $ \\ 10.20 \end{tabular}} & \multicolumn{2}{|r|}{\begin{tabular}{c} Inventory \\ Balance \end{tabular}} \\ \hline & & & & & & & & 2050 & at & & = & $2,091.00 \\ \hline January 10 & & & 16 & 1600 & at & 10.20O & $1,632.00 & 450 & at & \begin{tabular}{l} $ \\ 10.20 \end{tabular} & = & $459.00 \\ \hline \multirow[t]{2}{*}{ March 14} & 300 & at & 15.20$ & & & & & 450 & at & & & $459.00 \\ \hline & 7 & & & & & & & 3000 & at & $15.20 & = & 4,560.00 \\ \hline Total March 14 & & & & & & & a & & & & & $5,019.00 \\ \hline \multirow{2}{*}{ March 15} & & & & 45 & at & 10.205 & =$459.00 & 08 & at & \begin{tabular}{l} 5 \\ 10.20 \end{tabular} & = & \\ \hline & & 7 & & 205 & at & $15.20 & 3,116.00 & & at & $15.20 & = & 1,444.00 \\ \hline Total March 15. & & & & & & & $3,575.00 & & & & & $1,444.00 \\ \hline \multirow{3}{*}{ July 30} & 4000 & at & 20.20$ & & & & & 00 & at & 10.205 & - & \\ \hline & & & & & & & & 95 & at & $15.20 & = & 1,444.00 \\ \hline & & & & & & & & 4000 & at & $20.20$ & = & 8,080.00 \\ \hline Total July 30 & & & & & & & & & & & & $9,524,00 \\ \hline \multirow{3}{*}{ October 5} & 0 & & & 00 & at & 10.205 & $0.00 & 00 & at & 10.205 & & \\ \hline & 5 & & & 95 & at & 15.20s & 1,444.00 & 08 & at & $15.20 & & \\ \hline & & & & 280 & at & $20.20 & 5,656.00 & 120 & at & 20.205 & - & 2,424.00 \\ \hline Total October 5 & & & & & & & $7,100.00 & & & & & $2.424.00 \\ \hline \multirow{4}{*}{ October 26} & 1050 & at & 25.20$O & & & & & 00 & at & 10.20 & & \\ \hline & & & 3 & & & & & 0 & at & $3.20 & & is \\ \hline & & & & & & & = & 120 & at & $20.20$ & = & 2,424.00 \\ \hline & & & a & & & & & 1050 & at & 25.20s & & 2.646 .00 \\ \hline Totals & & & & & & & $12.307.00 & & & & & $5,070.00 \\ \hline \end{tabular}