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 Sales Purchase Activities Beginning inventory 240 units Units Acquired at Cost @ $11.60= Units Sold at Retail $ 2,784 180 units @ $41.60 370 units 440 units @ $16.60 = @ $21.60 6,142 330 units @ $41.60 9,504 415 units @ $41.60 140 units 1,190 units @ $26.60 3,724 $ 22,154 925 units Sales Purchase Sales Purchase Totals 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. 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. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost Cost Inventory Balance Cost # of units per # of units sold unit per unit Cost of Goods Sold # of units per unit Inventory Balance January 1 240 at = $2,784.00 11.60 January 10 $ $ 180 at = 11.60 $2,088.00 60 at = 11.60 $ 696.00 S $ 370 at 60 at |= $ 696.00 16.60 March 14 11.60 $ 370 at = 6,142.00 16.60 Total March 14 $ 6,838.00 March 15 $ 60 at 11.60 $ 270 at = 16.60 $ II = $ 696.00 60 at = $ 696.00 11.60 $ 4,482.00 40 at = 664.00 16.60 Total March 15 $5,178.00 $ 1,380.00 S 440 at 21.60 60 > $ at |= $ 696.00 11.60 $ July 30 40 at |= 16.60 664.00 $ 440 at = 21.60 9,504.00 $ Total July 30 10,864.00 $ $ 0 at |= $ 0.00 60at |= $ 696.00 11.60 11.60 $ October 5 100 at = 16.60 $ 415 at = 1,680.00 8,984.00 40 at $ |= 664.00 16.60 $ 25 at |= 540.00 21.60 21.60 Total October 5 S 140 at 26.60 $ $ 1,900.00 10,624.00 60 at Ai 40 at $ 11.60 $ |= $ 696.00 = October 28 16.60 $ 664.00 25 at = 540.00 21.60 $ 140 at 3,724.00 26.60 Totals $ 5,624.00 17,890.00 < Required 1 Required 3 >