What are the corrections to the ones incorrect in red ?

15 art 1 of 2 nts 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 January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $10 200 units March 14 350 units @$15 Purchase Sales March 15 July 30 October 5 $ 2,000 5,250 9,000 2,500 450 units Purchase Sales @ $20 - @$25 October 26 Purchase 100 units 1,100 units Totals $ 18,750 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date Cost Cost # of units per # of units sold per Cost of Goods Sold # of units unit unit January 1 200 at January 10 150 at S 10.00 $1,500.00 50 at 350 at 50 at March 14 850 at Total March 14 $ 10.00 March 15 $ 500.00 3,750.00 $4,250.00 100 at 0x at $ 15.00 Total March 15 at July 30 100 at 120 x at Total July 30 $ 10.00 0 at October 5 $ |= 15.00 $ 20.00 $ 0.00 1,500.00 6,600.00 $ 8,100.00 at 450 xat Total October 5 0 at at October 26 120 at 100 at Totals Is 13,850.00 450 100 at at $ 15.00 $ 20.00 $ 25.00 > 3 > 50 at 250 at 0 at 100 at 330 at = "I = X Units Sold at Retail @ $40 150 units 300 units 430 units @ $40 @ $40 880 units Inventory Balance Cost per unit 10.00 $ 10.00 $ 10.00 $ 15.00 $ 10.00 $ 15.00 $ 10.00 $ 15.00 $ 20.00 $ 10.00 $ 15.00 $ 20.00 $ 10.00 $ 15.00 $ 20.00 $ 25.00 |$ > |= = |= Inventory Balance $2,000.00 $ 500.00 $ 500.00 12,750.00 13,250.00 $1,000.00 $1,000.00 1,500.00 2,400.00 $3,900.00 9,000.00 $9,000.00 2,400.00 2,500.00 $4,900.00 |$