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 Purchase March 15 Sales July 30 Purchase October 5 Sales October 26 Purchase Totals Units Acquired at Cost 200 units Units Sold at Retail @ $10 = $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 450 units @ $20 = 9,000 430 units @ $40 100 units 1,100 units @ $25 = 2,500 $ 18,750 880 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. Goods Purchased Date # of units Cost per unit # of units sold 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 Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit Balance Goods Purchased Date # of units Cost per unit # of units sold 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 Perpetual LIFO: Cost of Goods Sold unit Cost per Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO