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 Activities Beginning inventory Sales Purchase Sales Purchase October 26 Sales Purchase Totals 285 units Units Acquired at Cost @ $13.40 = Units Sold at Retail $ 3,819 250 units @ $43.40 470 units @ $18.40 = 8,648 400 units @ $43.40 485 units 185 units 1,425 units @ $23.40 @ $28.40 = 11,349 460 units @ $43.40 5,254 $ 29,070 1,110 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. 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 Inventory Balance Cost per Cost of Goods Sold # of units unit Inventory Balance January 1 285 at $ 13.40 = $ 3,819.00 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 S 0.00 Required 2 >