Use the following information for the Exercises 8-10 below. (Algo)

[The following information applies to the questions displayed below.]

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	295	units	@ $13.80	=	$ 4,071
January 10	Sales						240	units	@ $43.80
March 14	Purchase	480	units	@ $18.80	=	9,024
March 15	Sales						420	units	@ $43.80
July 30	Purchase	495	units	@ $23.80	=	11,781
October 5	Sales						465	units	@ $43.80
October 26	Purchase	195	units	@ $28.80	=	5,616
	Totals	1,465	units			$ 30,492	1,125	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.