Use the following information for the Exercises 8-10 below. (Static) Skip to question [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 200 units @ $10 = $ 2,000 January 10 Sales 150 units @ $40 March 14 Purchase 350 units @ $15 = 5,250 March 15 Sales 300 units @

Required information Use the following information for the Exercises 8-10 below. (Static) [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 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO F 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. Compute the gross profit for FIFO method and LIFO method. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. \begin{tabular}{|l|l|l|} \hline Required 1 & Required 2 & Required 3 \\ \hline \end{tabular} Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required 2> Prev 2 of 11 Next