! Required information 3 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 $ 3,696 Units Acquired at Cost 280 units e $13.20 - 460 units $18.20 - 240 units # $43.20 8,372 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning Inventory Sales Purchase Sales Purchase Sales Purchase Total 410 units $43.20 480 units e $23.20 - 11.136 450 units # $43.20 $28.20 10 units 1.400 unita 5,076 $ 28,280 1.100 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. es Sed Help 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 UFO. 3. Compute the gross profit for FIFO method and LIFO method. A) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold of units Gost per unit Cost of Goods Available for sale 2805 13.20 $ 3.696 of units sold cost per unit Cost of Goods Sold 2005 13.20 5 3,0961 Ending inventory of units in ending Inventory Gost per unit Ending inventory 0 Beginning inventory Purchase March 14 July 30 October 26 Total 18.20 23.20 2820 18.20 2320 450 $ 480 $ 103 1.400 7,6441 9.2001 8,372 11,130 5,070 26.200 420 5 100 $ ? 1.100 405 30 18015 10.2015 23.20 $ 28 20 720 1.800 6,070 7.000 5 5 20,620 b) Periodic LIFO Coat of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold Ending inventory of units sold cost per unit cost of goods of units inonding Cost per unit Sold Inventory 240 $ 13.205 3.168 Ending Inventory 280 $ 13.20 5 3,6981 Beginning inventory Purchases March 14 July 30 October 26 18.20 4605 4805 1805 410 $ 450 $ 18.20 23.20 7.462 10,440 23.20 28.20 8,372 11,136 5,076 26,280 TO 1.400 $ 1,100 $ 21.070 0 5 0 c) Gross profit $ Sales Cost of goods sold Gross profit FIFO 47,520 $ 20420 27,100 $ LIFO 47.520 20.620 26,900 $