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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units e $10 $ 2,000 January 10 Sales 150 units e $40 March 14 Purehase 350 units & $15 5,250 March 15 Sales 300 units July 30 Purchase 450 units e $20 9,000 October 5 Sales 430 units @ $40 October 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $ 18,750 880 units e $40 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. Perpetual EIFO Goods Purchased Perpetual FIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold Date Cost per Cost per Inventory Balance Cost per Inventory # of units unit Balance # of units unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 ces Total July 30 October 5 Total October 5 October 26 Totais $ 0.00 Perpetual LIFO: Date Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance Cost per 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 26 Totals s 0.00 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