(The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 units @ $42.20 410 units @ $17.20 = Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 7,052 350 units @ $42.20 455 units @ $22.20 = 10,101 430 units @ $42.20 @ $27.20 = 155 units 1,275 units 4,216 $ 24, 480 Totals 990 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. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date Cost per unit # of units Inventory Balance Cost per Inventory unit Balance # of units sold Cost per Cost of Goods Sold # of units 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 26 Totals Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost per Cost per Inventory Balance Cost per Inventory # of units unit Balance # of units unit # of units sold Cost of Goods Sold 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 26 Totals Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit