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[The following information applies to the questions displayed below.] Hemming Company reported...

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Accounting

[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 240 units @ $11.60= $ 2,784
January 10 Sales 180 units @ $41.60
March 14 Purchase 370 units @ $16.60=6,142
March 15 Sales 330 units @ $41.60
July 30 Purchase 440 units @ $21.60=9,504
October 5 Sales 415 units @ $41.60
October 26 Purchase 140 units @ $26.60=3,724
Totals 1,190 units $ 22,154925 units
Required:
Hemming uses a perpetual inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Compute the gross profit for FIFO method and LIFO method.

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