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 Activities Beginning inventory 250 units Units Acquired at Cost @ $12.00 Units Sold at Retail = $ 3,000 Sales 200 units @ $42.00 March 14 Purchase 400 units @$17.00 = 6,800 March 15 July 30 Sales Purchase 360 units @ $42.00 450 units @ $22.00 = 9,900 October 5 Sales 420 units @ $42.00 October 26 Purchase Totals 150 units @ $27.00 4,050 1,250 units $ 23,750 980 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 LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date Cost # of units per unit # of units sold Cost Cost of Goods per unit Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 28 Totals S