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 Sales Purchase Sales Purchase Sales Activities Beginning inventory Units Acquired at Cost 280 units @ $13.20- Units Sold at Retail $ 3,696 240 units @ $43.20 460 units @ $18.20 8,372 410 units @ $43.20 480 units @ $23.20 11,136 450 units @ $43.20 October 26 Purchase Totals 180 units 1,400 units @ $28.20 5,076 $ 28,280 1,100 units July 30 October 5 equired: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. . Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. . 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 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Inventory Balance Cost per unit Inventory Balance 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. Units Sold at Retail Date January 1 January 10 March 14 Activities Beginning inventory Sales Purchase 460 units Units Acquired at Cost 280 units $13.20= @ $18.20 = $ 3,696 240 units @ $43.20 8,372 March 15 Sales July 30 Purchase October 5 Sales October 26 Purchase Totals 410 units @ $43.20 480 units $23.20= 180 units 1,400 units @ $28.20 11,136 5,076 450 units @ $43.20 $ 28,280 1,100 units -quired: emming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 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 LIFO. Date anuary 1 anuary 10 arch 14 otal March 14 arch 15 Otal March 15 uly 30 Otal July 30 ctober 5 otal October 5 ctober 26 tals Goods Purchased # of units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units $ 0.00 Inventory Balance Cost per Inventory Balance unit 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. Activities Date January 1 January 10 March 14 Beginning inventory Units Acquired at Cost 280 units @ $13.20 = Units Sold at Retail $ 3,696 March 15 Sales Purchase Sales 240 units @ $43.20 460 units @ $18.20 = 8,372 410 units @ $43.20 July 30 Purchase October 5 Sales October 26 Purchase Totals 480 units @ $23.20 = 11,136 450 units @ $43.20 180 units 1,400 units @ $28.20 = 5,076 $ 28,280 1,100 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. B. 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 2