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 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 250 units $12.00- $ 3,000 January 10 Sales 200 units $42.00 March 14 Purchase 400 units $17.00- 6,800 March 15 Sales 360 units $42.00 July 301 Purchase 450 units $22.00- 9,900 October 5 Sales 420 units $42.00 October 26 Purchase Totals 150 units 1,250 units @ $27.00 - 4,050 $23,750 900 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: 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 Cost of Goods Sold # of units unit January 1 January 10 400 at $ 17.00 March 14 1 Total March 14 March 15 Tatal March E at Inventory Balance Cost per unit $ 17.00 Inventory Balance Required 11 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Inventory Balance Cost per Inventory # of units Sold unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 301 Total July 30 October 5 < Previ 4 of 4 Next 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 >