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 Sales March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales October 26 Purchase Totals equired: Units Acquired at Cost Units Sold at Retail 235 units @$11.40- $ 2,679 170 units $41.40 360 units @$16.40 5,904 290 units. @$41.40 435 units 135 units 1,165 units @$21.40 I 9,309 410 units $41.48 $26.48 = 3,564 $ 21,456 870 units Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 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 $ 36,018 $ 36,018 Less: Cost of goods sold 14,468 17,793 ( Gross profit S 21,550 18,225 X Bb Sign Xpg.gr x Porta X M Ques Xl Contex Week X oc.gr X oc.gr X Porta x+ - //ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... 4" i Saved Help Save & Exit Submit k my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. ! Required information ' - "O Return to question , Inventory Balance $ 2,679.00 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit Cost Inventory Balance Cost # of units sold per unit Cost of Goods Sold # of units per unit $ January 1 + 235 at = 11.40 January 10 $ 360 at 16.40 March 14 Total March 14 Q Search PRE < Prev S 60 x at $ 16.40 = II 56 H of 6 Next > F5 F6 DIB F7 F8 # St 2 3 4 45 % 6 27 & * 0 8 1 W E R T Y U SD F GH J F9 9 W 984.00 $ 984.00 8:47 PM 2/25/2024 + Q00 Delete F10 F11 F12 Insert Prisc K L X C V BN M < P 69 [ } J Backsp Bb Signa X pg.gr X Porta X M Ques X Cont X Week X oc.gr X oc.gr X Porta x + - to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... A 3 Saved Help Save & Exit Submit work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Required information March 14 Total March 14 March 15 Total March 15 $ 435 at 21.40 July 30 Total July 30 October 5 Q Search PRE 60 x at $ 16.40 300 at $ 16.40 = 4,920.00 at $4,920.00 < Prev T F5 F6 + S 56 of 6 Next > F7 H F8 L F9 SA 16.40 $ SA at 16.40 $ at 21.40 W F10 F11 F2 # 2 3 # $ St 4 95 W E R % 6 TY & 7 * 8 9 SD F GH J K L X C V BN M P C = V 984.00 $ 984.00 8:47 PM 2/25/2024 Delete F12 Insert PrtSc + 11 [ ] ? Backspac 0 + AX Bb Signa X pg.gr x Porta X M Ques X Contex Week xoc.gr X oc.gr X Porta x + - 0 X to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... A Saved Help Save & Exit Submit "O work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. ! Required information Total July 30 October 5 Total October 5 $ 135 at 26.40 October 26 Totals Search PRE + 14 $ at 26.40 $4,920.00 Required 3 > < Required 1 S < Prev 56 of 6 Next > O W Return to question DOD F9 F10 F11 F12 A F7 F8 F5 F6 2 # 3 F3 $ 94 % 5 6 27 & * 80 W E RTY 9 P S D F GH J K L X C V BN M V C Insert ? 8:47 PM 2/25/2024 + Delete PrtSc J Backspac Bb Sign: X pg.gx Porta x M Ques X Cont X Week X oc.gr X oc.gr X Porta x + mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... All Saved Help Save & Exit Submit work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Return to question Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost Date # of units per # of units sold per Cost of Goods Sold Inventory # of units per Balance unit unit unit January 1 235 at $11.40 = $ 2,679.00 January 10 170 at 65 at 360 at $ 16.40 65 March 14 360 at $16.40 = 5,904.00 Total March 14 March 15 65 225 0 at $ 16.40 3,690.00 135 at $ 16.40 = < Prev 56 of 6 Next > Q Search T PRE H L W $ 5,904.00 $ 2.214.00 F2 # 3 4 F3 $ FA F5 % 995 F6 12 F7 & 27 F8 F9 F10 DOD F11 F12 Insert 6 8 * 9 + 11 WE R T Y U O P D IF GH J K L 00 C V BN M . V Bb Sign: X pg.g x Porta x M Ques X Conte X Week X oc.gr X oc.gr X Porta x + mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F.. Saved Help Save & Exit Submit work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Required information Total March 14 March 15 Total March 15 435 at $ 21.40 July 30 Total July 30 October 5 Total October 5 65 225 at $ 16.40 = + Return to question $ 5,904.00 0 3,690.00 135 at $16.40 = $ 2,214.00 $ 3,690.00 $ 2,214.00 135 x 135 at $16.40 = 2,214.00 435 at $21.40 == 9,309.00 $11,523.00 360 xat 275 at $ 16.40 = $ 21.40 = 5,904.00 5,885.00 at $16.40 160 at $21.40 == $ 11,789.00 < Prev 5 6 of 6 Next > Q Search T PRE F2 N 3 # x F3 4 F5 % 95 ERI T + F6 B F7 LO F8 6 27 & 8 * 0 Y U F9 9 F10 W DOO F11 D IF GH J K L C V BN M 3,424.00 $ 3,424.00 F12 Insert Pri = + 11 P [ . V Bb Sign: Xpg.g X Porta X M Ques X Cont X Week Xoc.gr X oc.gr X Porta x + mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F.. Saved Help Save & Exit Submit work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. ! Required information Total July 30 October 5 Total October 5 135 at $ 26.40 October 26 Totals 360 X at $ 16.40 275 at $ 21.40 Return to question || 5,904.00 at $16.40 II 5,885.00 160 at $21.40 = $ 11,789.00 160 x at $16.40 at $21.40 135 at $26.40 = $ 15,479.00 < Required 1 Required 2 > < Prev 56 of 6 Next > Q Search T PRE LO $11,523.00 3,424.00 $ 3,424.00 3,564.00 $ 3,564.00 2 W F2 # 3 F3 FA F5 F6 F7 F8 F9 F10 F11 % 4 WE R 5 6 T Y 27 & * 8 9 O P D F G. H J K L C VB N BN M . V F12 Insert Pris [ = 11 +