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 Units Acquired at Cost 200 units @ $10 Units Sold at Retail $ 2,000 150 units @ $40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 350 units @ $15 5,250 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 300 units @ $40 450 units @ $20 9,000 430 units $40 @ $25 100 units 1,100 units 2,500 $ 18,758 880 units red: ling uses a perpetual inventory system. ermine the costs assigned to ending inventory and to cost of goods sold using FIFO. ermine the costs assigned to ending inventory and to cost of goods sold using LIFO. npute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units Cost per Cost of Goods Cost per Inventory unit sold unit Sold of units unit Balance January 1 200 at $10.00 - $ 2,000.00 January 10 150 at $ 10.00 - $ 1,500.00 50 at $10.00 - $ 500.00 350 at $ 15.00 at $ 10.00 March 14 at $15.00 Total March 14 50 es $10.00 March 15 Total March 15 450 at $ 20.00 at $10.00 July 30 at $ 20.00 Total July 30 October 5 Total October 5 100) at $ 25.00 October 26 at $ 25.00 $ 1,500.00 Totals mu Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per Cost of Goods Cost per # of units Inventory unit # of units sold unit Sold Balance January 1 January 10 Cost per unit March 14 Total March 14 March 15 es Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 $ 0.00 Totals 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 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit