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 18 March 14 March 15 July 30 Activities Beginning inventory Sales Purchase Sales Purchase Sales October 5 October 26 Purchase Totals 275 units Units Acquired at Cost $13.00- Units Sold at Retail $ 3,575 238 units @$43.00 450 units $18.00- 8,180 480 units @$43.00 475 units @$23.00 - 10,925 455 units @$43.00 175 units 1,375 units $28.00 4,988 $ 27,500 1,085 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 unite Cost per unit #of units sold Cost per unit Perpetual FIFO: Cost of Goods Sold Cost of Goods Bold # of units January 1 275 at Cost per unit $13.00 Inventory Balance Inventory Balance $ 3,575.00 January 10 230 at $13.00 = 2,990.00 45 at $ 13.00 $ 586.00 450 at $ 18.00 45 at $13.00 $ 585.00 March 14 450 at $ 18.00 = 8,100.00 Total March 14 $ 8,585.00 45 at $ 13.00 = $ March 15 355 at $ 18.00 = 585.00 6,300.00 at $ 13.00 96 at $ 18.00 = $ 1,710.00 Total March 15 S 6,975.00 $ 1,710.00 475 at $ 23.00 Dat $13.00 July 30 Total July 30 October 5 Total October 5 October 26 Totals 175 at $28.00 95 at $ 18.00 = 475 at 1,710.00 $23.00 10,925.00 $ 12,635.00 Dat $ 13.00 = $ 0.00 Dat $ 13.00 96 at 360 at $ 18.00 = $23.00 = 1,710.00 8.280.00 9,990.00 115 at Dat $ 18.00 $23.00 $13.00 $ 18.00 2.645.00 $ 2,645.00