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\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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{18}{|c|}{ Perpetual FIFO: } \\ \hline \multirow{3}{*}{ Date } & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{7}{|c|}{ Cost of Goods Sold } & \multicolumn{7}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|l|}{ \# of units } & Costperunit & \multicolumn{2}{|c|}{ \# of units sold } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ \# of units } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{3}{|c|}{InventoryBalance} \\ \hline & & & & & & & & & & & 275 & at & \$ & 13.00 & = & $ & 3,575.00 \\ \hline January 10 & & & & 230 & at & $ & 13.00 & = & $ & 2,990.00 & 45 & at & $ & 13.00 & = & $ & 585.00 \\ \hline \multirow{2}{*}{ March 14} & 450 & at & $18.00 & & & & & & & & 45 & at & & 13.00 & = & $ & 585.00 \\ \hline & & & & & & & & & & & 450 & at & & 18.00 & = & & 8,100.00 \\ \hline Total March 14 & & & & & & & & & & & & & & & & $ & 8,685.00 \\ \hline \multirow{2}{*}{ March 15} & & & & & at & $ & 13.00 & = & $ & 0.00 & 0 & at & & & & & \\ \hline & & & & & at & & 18.00 & = & & 0.00 & & at & & & & & \\ \hline \multicolumn{18}{|l|}{ Total March 15} \\ \hline \multirow{3}{*}{ July 30} & 475 & at & $23.00 & & & & & & & & 0 & & & & & & \\ \hline & & & & & & & & & & & & & & & & & \\ \hline & & & & & & & & & & & & at & & 23.00 & & & \\ \hline \multicolumn{18}{|l|}{ Total July 30} \\ \hline \multirow[b]{2}{*}{ October 5} & & & & & & & & & & & 0 & & & & & & \\ \hline & & & & & & & & & & & 0 & & & & & & \\ \hline \multicolumn{18}{|l|}{ Total October 5} \\ \hline \multirow{4}{*}{ October 26} & 175 & at & $28.00 & & & & & & & & 0 & & & & & & \\ \hline & & & & & & & & & & & 0 & & & & & & \\ \hline & & & & & & & & & & & & & & & & & \\ \hline & & & & & & & & & & & & at & & 28.00 & & & \\ \hline Totals & & & & & & & & & & 2,990.00 & & & & & & & \\ \hline \end{tabular} Required information 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. 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 3

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