10 Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Units Sold at Retail 225 units $42.60 370 units $42.60 440 units $42.60 Units Acquired at Cost 265 unite @ $12.60 $3,339 430 units $17.60 - 7,568 465 units $22.60 - 10,509 4,554 $25,970 1,035 units Oct. 26 Purchase Totals 165 units @ $27.60 - 1,325 units Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method.