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 101 March 14 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals 205 units 300 units Units Acquired at Cost $10.20 @$15.20 Units Sold at Retail $2,091 160 units $40.20 4,560 250 units $40.20 400 units $20.20- 8,000 375 units @$40.20 105 units 1,010 units $25.20 2,646 $ 17,377 785 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 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 PerpetualFIFO Cost of Goods Sold Cost per Cost of Goods Sold unit # of units January 1 January 10 March 14 Inventory Balance Cost per unit Inventory Balance < Prev 56 of 6 Next > 5 Part 1 of 2 Required information 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 66 pirms eBook January 1 January 10 March 14 F Total March 14 Print March 15 Total March 15 References July 30 Total July 30 Odober 5 Total October 5 October 26 Totals Inventory Balance Cost per Inventory ired 1 Required 2> unit Balance Ch 5: Homework 5 Required information Part 1 of 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Saved Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units unit Inventory Balance Cost per Inventory Balance 166 points eBook Hint Print January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 eferences Total July 30 October 5 Total October 5 October 26- Totals eBook Required: Hint Print References 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. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO