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 240 units Units Acquired at Cost @ $11.60 Units Sold at Retail $ 2.784 180 units @ $41.60 370 units @ $16.60 6,142 330 units @$41.60 July 30 October 5 October 26 Purchase Totals 440 units @$21.60 = 9,504 415 units @ $41.60 140 units 1,190 units @$26.60 = 3,724 $ 22,154 925 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. Check my 3 Part 1 of 2 Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2 points 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 Inventory Balance Cost per unit Inventory Balance January 1 January 10 240 at $ 11.60 = $ 2,784.00 370 at $ 16.60 $ 6.142.00 $ 11.60 = eBook Hint March 14 Print Total March 14 References March 15 Mc Total March 15 July 30 Total July 30 Prev 34 of 5 Next Submit Check my work