[The following information applies to the questions displayed below) Hemming Company reported the following cument-year purchases and sales for its only product Date Activities Units Acquired at Cost 270 $3.456 220 54280 Purchase 400 $1780- 7120 340 $42 80 Purchase 470 units $22.00- 10716 440 54230 October 26 Purchase 170 $27.80- 4726 1310 $26.00 1,000 units 3. Award 5.00 points 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 Compute the gross profit for FIFO method and LIFO method 3. 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 FIFO. Goods Purchased Date January 1 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October October 26 Totale FIFO Cost of Goods Sold Inventory Balance Cost per Cost of Goods Sold units Cast Balance Required 2 > [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 10 March 14 March 15 July 30 Activities 270 units Units Acquired at Cost $12.00- Units Sold at Retail $3,456 Sales Purchase 220 units $42.80 400 units $1780- 7320 Sales 340 units $42.80 Purchase 470 units $22.80- 10,716 October 5 October 26 Sales Purchase Totals 440 units $42.80 170 units 1310 units $27.80- 4726 $26018 1.000 units 3. Award: 5.00 points 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. Goods Peshased Perpetual LIFO Cost of Goods Sold Date Cost per unit of units sold Cost per Cost of Goods unit Sold of units Inventory Balanss Cost per Inventory, 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 [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 270 units Units Acquired at Cost $12.80- Units Sold at Retail $3.456 Sales 220 units $42.80 March 14 Purchase 400 units $17.80= 7120 March 15 Sales 340 units $42.80 July 30 Purchase 470 units $22.80 10716 October 5 Sales 440 units $42.80 October 26 Purchase Totals 170 units 1,310 units $27.80 4726 $26,018 1,000 units 3. Award: 5.00 points 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 Compute the gross profit for FIFO method and LIFO method. FIFO Sales revenue Less: Cost of goods sold Gross profit