Required information Use the following information for the Exercises 8-10 below. (Static) (The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 $ 2,000 150 units @ $40 350 units @ $15 5, 250 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 100 units 1,100 units 2,500 $ 18,750 880 units Exercise 5-8 (Static) 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 Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Date Cost per unit # of units Inventory Balance Cost per # of units Inventory unit Balance Sold January 1 January 10 350 at $ 15.00 March 14 at $ 15.00 Total March 14 March 15 Total March 15 450 at $ 20.00 July 30 at $ 20.00 Total July 30 October 5 Total October 5 1000 at $ 25.00 October 26 at $ 25.00 Totals $ 0.00 Perpetual LIFO: Date Goods Purchased Cost per # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Inventory unit Balance Cost per 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 $ 0.00 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit