Exercise 6-8 Perpetual: Inventory costing methods-FIFO and LIFO P1 Hemming Co. reported the following current year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory.... 200 units @$10=$ 2,000 Jan. 10 Sales..... 150 units @$40 Mar. 14 Purchase. 350 units @$15= 5,250 Mar. 15 Sales... 300 units @ $40 July 30 Purchase. 450 units @$20= 9,000 Oct. 5 Sales..... 430 units @ $40 Oct. 26 Purchase Totals. 100 units @$25= 1,100 units 2,500 $18,750 880 units Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method