( The second chart is LIFO, First is FIFO )

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. Date Activiti United Coat Units Bolt Real January 1 Beginning inventory 280 ta 2.913.20 - $ 3.696 January 10 Sales 240 units 4.20 March 14 Purchase 460 unit 9.318.20 - 9.373 March 15 Sales 410 nits 13.20 July 30 Purchase 40 units 025.20 - 11,136 October 5 Balea 450 wit 43.00 October 26 Durchase 180 units 520.20 5,076 Totals 1,400 watt 12,200 1. Lost Required: Hemming uses a perpetual inventory system, 1. Determine the costs assigned to ending Inventory and to cost of goods sold using PEO 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 UFO method Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the costs asigned to ending inventory and to cost of goods sold using Pro. Papel FIFO: Good Purchased Cost of Goods Sold Coat per Cost per Cost of Goods Sold Inventory Balance Cost per Inventory Date Hof units sold unit Required information Goods Purchased Date Perpetual FIFO Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Cost per # of units unit Inventory Balance Inventory unit Balance Cost per # 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 Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold Date Cost per Cost per # of units Inventory Balance Cost per Inventory # of units unit Balance 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 Totale 1.400 units $ 20,200 1,100 unita 10 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 LIFO Sales revenue Less: Cost of goods sold Gross profit Required 2