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Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	225	units	@ $11.00	=	$ 2,475
January 10	Sales						150	units	@ $41.00
March 14	Purchase	340	units	@ $16.00	=	5,440
March 15	Sales						300	units	@ $41.00
July 30	Purchase	425	units	@ $21.00	=	8,925
October 5	Sales						395	units	@ $41.00
October 26	Purchase	125	units	@ $26.00	=	3,250
	Totals	1,115	units			$ 20,090	845	units

Exercise 6-8 (Algo) Perpetual: Inventory costing methodsFIFO and LIFO LO P1

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.

I Required information Complete this question by entering your answers in the tabs below. Compute the gross profit for FIFO method and LIFO method