6 Part 1 of 2 ! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] 4.28 points Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail eBook Hint Print References March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals January 1 January 10 Beginning inventory 270 units @ $12.80 $ 3,456 220 units @$42.80 400 units @ $17.80 = 7,120 340 units @ $42.80 470 units @ $22.80 16716 440 units @$42.80 170 units 1,310 units @ $27.80 = 4,726 $ 26,018 1,000 units Mc Graw 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. 6