[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 January 10 Activities Beginning inventory Units Acquired at Cost 210 units @ $10.40 = Units Sold at Retail $ 2,184 Sales 170 units @ $40.40 March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales 310 units @ $15.40 4,774 270 units @ $40.40 410 units @$20.40 = 8,364 380 units @ $40.40 October 26 Purchase Totals 110 units 1,040 units @ $25.40 = 2,794 $ 18,116 820 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per unit Inventory Balance Cost per Inventory Cost of Goods Sold # of units unit Balance January 1 210 at $ 10.40 = $ 2,184.00 January 10 170 at $ 10.40 = $ 1,768.00 40 at $ 10.40 = $ 416.00 310 at $ 15.40 40 at $ 10.40 = $ March 14 Total March 14 310 at $ 15.40 = 416.00 4,774.00 $ 5,190.00 40 at $ 10.40 = $ March 15 Total March 15 40 at $ 15.40 = 416.00 616.00 40 at $ 10.40 40 at $ 15.40 = $ $ 416.00 616.00 $ 1,032.00 $ 1,032.00 420 at $ 20.40 at $ 10.40 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 2,800.00 at $ 15.40 at $ 20.40 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units 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 Inventory Balance Cost per unit Inventory Balance 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO