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 Sold at Retail Units Acquired at Cost 260 units $12.40 = $ 3,224 215 units @ $42.48 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 420 units $17.40 7,388 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 380 units @ $42.40 460 units $22.40 10,384 425 units @ $42.40 $27.40 168 units 1,388 units 4,384 $ 25, 220 1,820 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. omplete this question by tering yo nswers in the tabs below. Required 1 Required 2 Required 3 100 at 260 at 420 at Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date #of units Cost # of units Cost Cost of Goods Cost #of units Inventory per unit sold Sold per unit per unit Balance January 1 260 at $ 12.40 = $ 3,224.00 January 10 $ 27.40 $ 4,384.00 $ 12.40 - $ 3,224.00 $ 17.40 260 at $ 12.40 = $ 3,224.00 March 14 420 at $17.40 = 7,308.00 Total March 14 $ 10,532.00 380 at $ 12.40 $ 4,712.00 260 at $ 12.40 = $ 3,224.00 March 15 $17.40 0.00 420 at $17.40 = 7,308.00 Total March 15 $ 4,712.00 $ 10,532.00 4601 at $ 22.40 260 at $ 12.40 = $ 3,224.00 July 30 420 at $17.40 = 7,308.00 25 at $ 22.40 = 560.00 Total July 30 $ 11,092.00 = = at = $ 0 at 400 at 25 at October 5 $ 12.40 $ 17.40 $22.40 0.00 8,960.00 560.00 $ 7.520.00 260 at 20 at 0 at $ 3,224.00 348.00 $ 12.40 = $ 17.40 = $22.40 Total October 5 $ 3,572.00 160 at $ 27.40 260 at $ 3,224.00 348.00 October 26 20 at ol at 0 at $ 12.40 = $ 17.40 = $22.40 $ 27.40 Totals $ 16,816.00 $ 3,572.00 Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. rs Sales revenue Less: Cost of goods sold Gross profit FIFO 43,248$ 18,148 25,100 $ LIFO 43,248 20,567 22,681 $