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 275 units $13.00 - $ 3,575 January 10 Sales 23e units $43.0 March 14 Purchase 450 units $18.00 8.100 March 15 Sales 400 units $43.00 July 30 Purchase 475 units $23.00 10,925 October 5 Sales 455 units @ $43.00 October 26 Purchase 175 units $28.00 4900 Totals 1,375 units $ 27.500 1.685 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Goods Purchased Cost of units Perpetual LIFO Cost of Goods Sold of units Cost Cost of Goods sold per unit Sold Inventory Balange Cost Inventory of units Balance per unit January 1 per unit 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Goods Purchased Cost # of units Perpetual LIFO: Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Inventory Balance #of units Cost Inventory per unit Balance per 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 28 Totals $ 0.00