t inces 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 January 1 Activities Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals 200 units Unita Acquired at Cost $10 Units Sold at Retail $ 2,000 350 units $15 5,250 150 units 300 units 540 #$40 450 units $20 9,000 430 units $40 100 units $25 1,100 units 2,500 $18,750 880 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. 10 points Seed Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO Cost of Goods Sold Date Cost per of units of units sold Cost per Cost of Goods unit Sold of units Inventory Balance Cast p per Inventory January 1 January 10 He March 14 Total March 14 March 15 Total March 15 July 30 July 30 Obers Tal Octer Odober 2 0.00 Required 2> points Required 1 Required 2 Required 3 Skicoed Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased + Perpetual LIFO: Cost of Goods Sold eBook Date # of units Cost per unit # of units sold January 1 Hint January 10 March 14 Prim References Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 T Cost per unit Cost of Goods Sold of units Inventory Balance Cost per Inventory unit Balance 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. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO