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 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Activities. Beginning inventory 255 units Units Acquired at Cost $12.20 Units Sold at Retail $ 3,111 210 units @ $42.20 410 units @ $17.20- 7,052 350 units @ $42.20 455 units Purchase Totals 155 units 1,275 units $22.20- $27.20- 10,101 430 units @ $42.20 4,216 $ 24,480 990 units Exercise 5-8 (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. Complete this question by entering your answers in the tabs below. Goods Purchased Date # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total Oober 5 Centr Perpetual FIFO: Cost of Goods Sold Cost per unit # of units sold Cost per uniti Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance Date January 1 Goods Purchased # of units Cost per unit # of units sold 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 unit Cost per Cost of Goods Sold # of units 0.00 Inventory Balance Cost per Inventory unit Balance Exercise 5-8 (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. 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 Required 2 Required 3 > Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Date Ending Inventory Activity # of units Cost Per Unit of units Cost Per sold COGS Unit Ending Inventory Cost Per Unit Ending Inventory January 11 Units Cost Beginning Inventory 255 $ 0.00 $ 0 $ March 14 1 0.00 $ Purchase 410 $ 0.00 0 $ 0.00 July 30 Purchase 0 455 October 26 $3 $ 0.00 0 $ 0.00 Purchase 155 $ 0.00 0 $ 0.00 0 1,275 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less Equals