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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 205 units @ $10.20 - $ 2,091 January 10 Sales 160 units @ $40.20 March 14 Purchase 300 units $15.20 4,560 March 15 Sales 250 units @ $40.20 July 30 Purchase 400 units @ $20.20 - 8,880 October 5 Sales 375 units @ $40.20 October 26 Purchase 105 units $25.20 - 2,646 Totals 1,010 units $ 17,377 785 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required information Date Cost per Cost per # of units unit # of units sold Cost per unit Cost of Goods Sold # of units 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 Totals Required information Date Cost per unit Cost per # of units # of units sold Cost of Goods Sold # of units Cost per unit Inventory Balance unit 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 Required information 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. 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit