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 Activities Beginning inventory Sales March 14 March 15 Purchase Sales July 30 Purchase October 5 October 26 Sales Purchase Totals Units Acquired at Cost 215 units @ $10.60 Units Sold at Retail = $ 2,279 180 units @ $40.60 320 units @ $15.60 = 4,992 260 units @ $40.60 415 units @ $20.60 = 8,549 400 units @ $40.60 115 units 1,065 units @ $25.60 = 2,944 $ 18,764 840 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. 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Cost per Perpetual FIFO: Cost of Goods Sold Cost of Goods Sold # of units unit 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 Inventory Balance Cost per unit Inventory Balance 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 320 units Units Acquired at Cost 215 units @ $10.60 = @ $15.60 = Units sold at Retail $ 2,279 180 units @ $40.60 4,992 260 units @ $40.60 415 units 115 units 1,065 units @ $20.60 = @ $25.60 8,549 400 units @ $40.60 2,944 $ 18,764 840 units Ending Inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units sold Cost Per COGS Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 215 $ 0.00 $ 0 $ 0.00 S 0 March 14 Purchase 320 July 30 Purchase 415 October 26 Purchase 115 69 69 69 $ 0.00 0 $ 0.00 0 $ 0.00 0 69 69 69 0.00 0 $ 0.00 0 0.00 0 1,065 0 S 0 0 S 0 b) Gross Margin using Specific Identification Less: Equals