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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 225 units $11.00 - $ 2,475 January 10 Sales 150 units @ $41.00 March 14 Purchase 340 units $16.00 - 5,440 March 15 Sales 300 units $41.00 July 30 Purchase 425 units $21.00 - 8,925 October 5 Sales 395 units $41.00 October 26 Purchase 125 units $26.00 - 3,250 Totals 1,115 units $ 20,090 845 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per # of units sold cost per cost of Goods Sold unit January 1 January 10 Inventory Balance # of units Cost per Inventory unit Balance unit 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 2 > Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost # of units Cost Cost of Goods Cost Inventory per unit # of units sold per unit Sold per unit Balance 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 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