! Required information Use the following information for the Exercises 8-10 below. (Algo) [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 Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Units Acquired at Cost @ $13.20 = @ $18.20 = @ $23.20 = @ $28.20 Required: Hemming uses a perpetual inventory system. 280 units 460 units 480 units 180 units 1,400 units $3,696 8,372 11, 136 5,076 $ 28,280 Units Sold at Retail 240 units. 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. 410 units 450 units Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 1,100 units @ $43.20 @ $43.20 @ $43.20

Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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