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 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 235 units $11.40 $ 2,679 January 101 Sales 170 units $41.40 March 14 Purchase 360 units @$16.40 5,904 March 15 July 301 Sales Purchase 290 units @$41.40 435 units October 5 October 26 Sales Purchase Totals 135 units 1,165 units @ $21.40 - @$26.40 9,309 410 units @ $41.40 3,564 $ 21,456 870 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. Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units unit Inventory Balance Cost per Inventory Balance January 1 235 at $ 11.40 $ 2,679.00 January 10 170 at $ 11.40 $ 1,938.00 $ 11.40 360 at $ 16.40 at $ 11.40 March 14 $ 16.40 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 201 435 at $ 21.40 at $ 21.40 135 at $ 26 40 # of units Cost per # or units unit sold Cost per COST OF GOODS unit Cost per # of units Sold unit Inventory Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 301 Total July 30 October 5 Total October 5 October 26 Totals SA 0.00 Compute the gross profit for FIFO method and LIFO method. Sales revenue FIFO LIFO Less Cost of goods sold Gross profit