Sarved Help Required information [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 260 units @ $12.40 Units sold at Retail $ 3,224 215 units 0542.40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 420 units e $17.40 - 7,308 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 330 units $42.40 450 units $22.40 10,304 425 units 542.40 168 units 1,300 units @ $27.40 4,384 $ 25, 220 1,020 units 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 Prey 1 of 1 : Nex 62F ONE ** o i arch Help Save Required information [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 January 1 Beginning inventory Units Acquired at Cost Units Sold at Retail 260 units $12.40 - $ 3,224 January 10 Sales March 14 215 units @ $42.40 Purchase 420 units @ $17.40 7,308 March 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 10,384 October 5 Sales 425 units $42.40 October 26 Purchase 160 units @ $27.40 4.384 Totals 1,300 units $ 25, 220 1,820 units 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. Prey 1 of 1 !!! Next 62F Clear o o RI ch 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