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 101 March 141 March 15 1 July 30 October 5 October 261 Sales Purchase Sales Purchase Sales Activities Beginning inventory 245 units Units Acquired at Cost $11.80 - Units Sold at Retail $2,891 190 units 8 $41.80 390 units $16.80- 6,552 350 units $41.80 445 units Purchase Totals 145 units 1,225 units $21.80- $26.80 9,701 430 units $41.80 3,886 $ 23,030 970 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. Required information # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 245 at $11.80= $ 2,891.00 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 390 at $ 16.80 190 at $41.80 = $ 7,942.00 55 at $ 11.80= $ 649.00 at $ 11.80 at $ 16.80 + Determine the costs assigned to ending inventory and to cost of goods sold using 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 Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit Balance + 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 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 Required 2 LIFO