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 sold at Retail Units Acquired at Cost 235 units $11.40 - $ 2,679 170 unita # $41.40 360 unito e $16.40 5,904 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 290 units # $41.40 435 units $21.40 - 9,309 410 units 341.40 135 units e $26.40 - 3,566 $ 21,456 1.165 units 870 unita 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. Perpetual FIFO Cost of Goods Sold # of units sold Cost per Cost of Goods Sold unit Date Goods Purchased Cost per # of units unit Cost per Inventory Balance # of units Inventory unit Balance 235 at $ 11.40 $ 2,679,00 January 1 January 10 170 at $ 41.40 7,038.00 $ 11,40 360 at $ 16.40 at $ 11.40 March 14 Total March 14 at $ 16.40 290 March 15 $ 11.40 $ 16,40 = 290 Total March 15 435) at $ 21.40 at July 30 at at $11.40 $ 16,40 $ 21.40 Total July 30 410 October 5 0 0 Total October 5 135) at $ 26.40 October 26 at $ 26.40 $ Totals 7,038.00 Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Cost per Inventory Balance Cost per Inventory #of units unit 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 26 $ 0.00 Totals 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