es Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Units Sold at Retail Date: January 1 January 10 March 14 Units Acquired at Cost Beginning inventory 275 units @$13.00 = $ 3,575 Sales 230 units @ $43.00 Purchase 450 units @$18.00 8,100. March 15 Sales 400 units @$43.00 July 30 Purchase 475 units @ $23.00 10,925 October 5 October 26 Sales 455 units @ $43.00 Purchase Totals 175 units $28.00 = 4,900 1,375 units $ 27,500 1,085 units Exercise 5-10A (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. Complete this question by entering your answers in the tabs below.