Required information

Use the following information for the Exercises 8-10 below. (Algo)

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[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	220	units	@ $10.80	=	$ 2,376
January 10	Sales						190	units	@ $40.80
March 14	Purchase	330	units	@ $15.80	=	5,214
March 15	Sales						280	units	@ $40.80
July 30	Purchase	420	units	@ $20.80	=	8,736
October 5	Sales						390	units	@ $40.80
October 26	Purchase	120	units	@ $25.80	=	3,096
	Totals	1,090	units			$ 19,422	860	units

Exercise 5-8 (Algo) Perpetual: Inventory costing methodsFIFO 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.