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. Units Acquired at cost Units Sold at Retail January 1 Date 255 units @ $12.20 = $ 3,111 210 units @ $42.20 410 units @ $17.20 = 7,052 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 350 units $42.20 455 units @ $22.20 = 430 units @ $42.20 @ $27.20 = 155 units 1,275 units 10,101 4,216 $ 24,480 990 units 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. Complete this question by entering your answer in the tabs below. Required: Required 2 Required 3 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 Date # of units Cost per # of units sold Cost per cost of Goods Sold January 1 January 10 Inventory Balance Cost per Inventory unit Balance # #of units unit March 14 Total March 14 March 15 Total March 15 95 July 30 Total July 30 October 5 Total October 5 Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 ces October 5 Total October 5 October 26 Totals $ 0.00 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit