2 ok " t Required information (The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15: July 30 Activities Beginning inventory Sales Purchase Sales Purchase Sales October 5 October 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units $10 $2,000 150 units $40 350 units $15 5,250 300 units # 540 450 units $20 9,000 430 units $40 100 units 1,100 units $25 2,500 $ 18,750 880 units nces 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 questin