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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @$13.40 285 units 470 units 485 units 185 units 1,425 units @ $18.40 - @ $23.40 = @ $28.40 = $ 3,819 8,648 11,349 5,254 $ 29,070 Units Sold at Retail 250 units 400 units 460 units 1,110 units 7 @ $43.40 @$43.40 @ $43.40

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. Compute the gross profit for FIFO method and LIFO method