The following tables have some boxes outlined in blue. These boxes are the ones that need to be answered. Some of the boxes already have the right answer in them.

! 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. Units Sold at Retail Units Acquired at Cost 290 units @ $13.60 = $ 3,944 260 units @ $43.60 500 units @ $18.60 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 9,300 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 430 units @ $43.60 490 units @ $23.60 = = 11,564 470 units @ $43.60 @ $28.60 = 190 units 1,470 units 5,434 $ 30,242 1,160 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. syreut enumy ventury youus SUI Perpetual FIFO: Cost of Goods Sold Cost per # of units sold unit Cost of Goods Sold Date Goods Purchased Cost per # of units unit Cost per Inventory Balance Inventory # of units unit Balance 290 at $ 13.60 = $ 3,944.00 January 1 January 10 260 at $ 13.60 = $ 3,536.00 30 at $ 13.60 = $ $ 408.00 500 at $ 18.60 530) at $ 13.60 = $ 7,208.00 March 14 at $ 18.60 Total March 14 $ 7,208.00 at = $ 0.00 at March 15 $ 13.60 $ 18.60 at 0.00 at Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 3,536.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance Cost per Inventory # of units unit 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 $ 0.00 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 LIFO Sales revenue Less: Cost of goods sold Gross profit