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 January 1 Beginning inventory January 101 Salon March 14 Purchase March 15: Sales July 30 Purchase October 5 Sales October 26 Purchase Totaln Units Acquired at Cost Units Sold at Retail 200 units $10 $2,000 150 units $40 350 unite $15 5,250 300 units $40 450 units $20 - 9,000 430 units $40 100 units 1,100 units $25 2,500 $18,750 880 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. January 10 350 at $15.00 March 14 1 Total March 14 March 15 Total March 15 July 301 Total July 30 October 5 Total October 5 450 at $20.00 100 at $25.00 October 26 150 at at $15.00 at $20.00 13 Required information. Total July 30 October 5 Total October 5 bok nt October 26 ences Totals 100 at $25.00 at $20.00 at $25.00 $ 0.00 3 Required 1 Required 2 Required 3 nces 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 Cost of Goods unit Sold January 1 January 101 March 14 Total March 14 March 15 Total March 15 July 301 of units Inventory Balance Cost per unit Inventory Balance 11 of 3 nts eBook March 15 Total March 15 July 30 Total July 30 H October 5 Print References Total October 5 October 26 0.00 CT-2 X Question 3-Ch 5: Homework x + education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flm work Saved Required information 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