Check my work 2 ! Required information 75 points Use the following information for the Exercises 8-10 below. (Algo) (The following information applies to the questions displayed below.) 8 02:49:12 Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 210 units @ $10.40 = $ 2,184 170 units @ $40.40 eBook 310 units @ $15.40 4,774 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 270 units @ $40.40 100 = 410 units @ $20.40 8,364 380 units @ $40.40 Hint = 110 units @ $25.40 1,040 units 2,794 $18, 116 820 units Print References Exercise 5-10A (Algo) Perpetual: Inventory costing LO P3 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. mote the FR Rrafit HI method Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per # of units unit Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 210 @ $ 10.40 = $ 2,184.00 January 1 January 10 170 @ $ 40.40 = $ 6,868.00 $ 10.40 = March 14 310 @ $ 15.40 @ $ 10.40 $ 310 @ $ 15.40 = 4,774.00 $ 4,774.00 March 15 @ S 10.40 = $ @ 0.00 0.00 @ $ 15.40 @ July 30 October 5 October 26 Totals $ 6,868.00 Required 1 Required 2 > Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 210 @ $ 10.40 = $ 2,184.00 sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross profit