Required information Use the following information for the Exercises 8-10 below. (Static) (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 Acquired at Cost Units Sold at Retail January 1 Beginning inventory 200 units @ $10 $ 2,000 January 10 Sales 150 units @ $40 March 14 Purchase 350 units @ $15 5,250 March 15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 9,000 October 5 Sales 430 units $40 October 26 Purchase 100 units 2,500 Totals 1,100 units $ 18,750 880 units @ $25 Exercise 5-8 (Static) 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. Required information Goods Purchased Date Perpetual FIFO: Cost of Goods Sold # of units Cost Cost of Goods sold unit Sold Cost per unit # of units per Inventory Balance Cost # of units Inventory por unit Balance 200 at $ 10.00 2,000.00 $ 10.00 January 1 January 10 150 at $ 10.00 $1,500.00 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 Required information Ourense Date Cout of units per nit January 1 January 10 of units sold osto Cout per unit Cost of Goods Sold Cost pe Ivory 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 3 wing inventory and to cost of goods sold using Po 2. Determine the costs assigned to ending inventory and to cost of goods sold using UFO 3. Compute the gross profit for FIFO method and LIFO method. Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit