Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information apples to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 210 units @ $10.40 - $ 2,184 January 10 Sales 170 units @ $48.40 March 14 Purchase 310 units $15.40 - 4,774 March 15 Sales 27e units $40.40 July 30 Purchase 410 units $20.40 8,364 October 5 Sales 380 units @ $40.40 October 26 Purchase 110 units $25.40 2,794 Totals 1,040 units $ 18, 116 820 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. # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance 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 Goods Purchased Date Perpetual LIFO: Cost of Goods Sold #of units Cost of Goods sold unit Sold # of units Cost per Cost per Inventory Balance # of units Inventory unit Balance unit 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 bel 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