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 Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 225 units @ $42.60 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 430 units @ $17.60 = 7,568 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 370 units @ $42.60 465 units @ $22.60 = 10,509 440 units @ $42.60 @ $27.60 = 165 units 1,325 units 4,554 $ 25,970 1,035 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. Perpetual FIFO: Cost of Goods Sold Date Goods Purchased Cost per # of units unit Cost per Inventory Balance Cost per Inventory unit Balance # of units sold Cost of Goods Sold # of units 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 $ 0.00 Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit 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 $ 0.00 IIII Compute the gross profit for FIFO method and LIFO method. KIITI FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit