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 January 1 January 10 March 14 Activities Beginning inventory Sales Purchase Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $10.20 = @ $15.20 = @ $20.20 = @ $25.20 = 205 units 300 units 400 units 105 units 1,010 units Required 1 Required 2 Required 3 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. $ 2,091 4,560 8,080 2,646 $ 17,377 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Units Sold at Retail Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 160 units 250 units 375 units 785 units @ $40.20 @ $40.20 @ $40.20

Use the following information for the Exercises 810 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. Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO 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. Complete this question by entering your answers in the tabs below