1 Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] 12 points eBook Hint Ask Print References Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 January 10 Beginning inventory Sales Units Acquired at Cost 280 units @ $13.20 = Units Sold at Retail $ 3,696 240 units @ $43.20 March 14 March 15 Purchase Sales 460 units @ $18.20 = 8,372 410 units @ $43.20 Purchase Sales 480 units @ $23.20 = 11,136 450 units @ $43.20 Purchase Totals 180 units 1,400 units $28.20 = 5,076 $ 28,280 1,100 units July 30 October 5 October 26 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. Check my work