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 Activities Beginning inventory January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 245 units @ $11.80 = Units Sold at Retail $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 350 units @ $41.80 445 units @ $21.80 = 9,701 430 units @ $41.80 145 units 1,225 units @ $26.80 = 3,886 $ 23,030 970 units Exercise 5-8 (Algo) Perpetual: Inventory costing methodsFIFO 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. 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. Inventory Balance Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Inventory Balance Cost of Goods Sold Cost per # of units unit 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 Totals < Required 1 Required 2 > 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 LIFO. Perpetual LIFO: Goods Purchased Date # of units Cost per # of units unit sold 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 Totals Cost of Goods Sold Cost per unit Cost of Goods Sold Inventory Balance Cost per # of units unit Inventory Balance 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO