Required information

Use the following information for the Exercises 8-10 below.n

[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	255	units	@ $12.20	=	$ 3,111
January 10	Sales						210	units	@ $42.20
March 14	Purchase	410	units	@ $17.20	=	7,052
March 15	Sales						350	units	@ $42.20
July 30	Purchase	455	units	@ $22.20	=	10,101
October 5	Sales						430	units	@ $42.20
October 26	Purchase	155	units	@ $27.20	=	4,216
	Totals	1,275	units			$ 24,480	990	units

Exercise 6-8 (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.