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 Activities...

Extracted text: 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 Activities Units Acquired at Cost 275 units Units Sold at Retail January 1 January 10 March 14 March 15 Beginning inventory Sales @ $13.00 $ 3,575 230 units @ $43.00 Purchase 450 units @ $18.00 8,100 Sales 400 units @ $43.00 July 30 October 5 Purchase 475 units @ $23.00 10,925 %3D Sales October 26 455 units @ $43.00 Purchase 175 units @ $28.00 4,900 Totals 1,375 units $ 27,500 1,085 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3