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 Activities Units Acquired at Cost Units Sold at Retail Beginning inventory 280 units @$13.20 $3,696 Sales 240 units @ $43.20 March 15 Purchase Sales Purchase 460 units July 30 October 5. Sales October 26 Purchase Totals 480 units @$18.20 = @$23.20 = 8,372 11,136 410 units @$43.20 450 units @$43.20 180 units 1,400 units @$28.20= 5,076 $ 28,280 1,100 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. es 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 Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance 280 at $ 13,20 $ 3,696.00l January 11 < Prev 8 9 10 of 10 Next >