" 1 of 2 Book Ask ferences Required information Use the following information for the Exercises 8-10 below. (Static) [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 January 1 January 10 Beginning inventory March 14 Harch 15 July 301 October 5 Sales Purchase Sales Purchase Sales October 26 Purchase Totals 200 units Units Acquired at Cost $10 Units Sold at Retail $2,000 150 units 540 350 units $15 5,250 300 units 140 450 units $20 9,000 430 units 0140 100 units 1,100 units 525 2,500 $10,750 800 units Exercise 6-8 (Static) 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.