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 Activities Beginning inventory Sales Purchase March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Totals 265 units Unita Acquired at Cost $12.60 Units Sold at Retail $ 3,339 225 units $42.60 430 units $17.60 7,568 370 units $42.60 465 units $22.60 10,509 440 units #$42.60 165 units 1,325 units $27.60 4,554 $ 25,970 1,035 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 Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 January 10 March 14 Inventory Balance Cost per unit Inventory Balance Required information 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 Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per Inventory of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July Total July 30 October 5 Total October 5 October 26 Totals Required 2 Required information Kequired 1 Required z Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date January 1 Goods Purchased # of units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold unit Cost per Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 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 < Required 1 Required 3> 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit < Required 2 Required 3