D 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 Activities January 1 January 10 Beginning inventory. 275 units Units Acquired at Cost @ $13.00- Units Sold at Retail $3,575 Sales 230 units $43.00 March 14 July 30 March 15 October 5 Purchase Sales 450 units @ $18.00 - 8,100 400 units $43.00 Purchase Sales October 26 Purchase Totals 475 units @$23.00 - 10,925 455 units $43.00 175 units 1,375 units @$28.00 4,900 $ 27,500 1,085 units ences 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. D 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 Activities January 1 January 10 Beginning inventory. 275 units Units Acquired at Cost @ $13.00- Units Sold at Retail $3,575 Sales 230 units $43.00 March 14 July 30 March 15 October 5 Purchase Sales 450 units @ $18.00 - 8,100 400 units $43.00 Purchase Sales October 26 Purchase Totals 475 units @$23.00 - 10,925 455 units $43.00 175 units 1,375 units @$28.00 4,900 $ 27,500 1,085 units ences 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.