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3. Compute the gross proir tor riru metnod and Lir U metnod Complete this question by entering your answers in the tabs below. Defermine the costs assigned to ending inventory and to cost of goods sold using firo. Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information opplies 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 UIFO method 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 grass profit for fifo method and UFO method. \begin{tabular}{l|l|l} Required 1 & Required 2 & Required 3 \\ \hline \end{tabular} Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ PerpetualUFo: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & If of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & CostofGoodsSold & Hof units & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{InventoryBalance} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Janiary 10} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 14}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March 15}} \\ \hline & & & & & & * & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & * & & & & & & \\ \hline \multicolumn{9}{|l|}{ Iotal Jully 30} \\ \hline & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ October 5}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ folat Oclober 5} \\ \hline & & & & & & & & - \\ \hline \multicolumn{9}{|l|}{ Octobet 26} \\ \hline Coment 20 & & & & & & & & \\ \hline & & & & & & & & \\ \hline Totals & & & & & 000 & & - & \\ \hline \end{tabular}

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