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 Aequired at Cost Units Bold at Retail January 1 Beginning inventory 295 wiss @ $13.50 = $ 4,071 January 10 Sales 240 units @ $43.80 March 14 Purchase 480 units @ $18.30 = 9,024 March 15 Sales 420 units & $43.80 July 30 Purchase 495 units &$29.80 = 11,781 October 5 Sales 465 units & $43.80 October 26 Purchase 195 units & $28.80 = 5, 616 Total: 1,465 units $ 20,492 1,125 units 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 FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost of Goods Cost per Inventory # of units # of units sold unit # of units unit Sold unit Balance January 1 January 10 Cost per Cost per March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 28 Totals $ 0.00 Required Required 2 >