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o 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 2,475 $26. January 1 'January 10 March 14 March 15 July 30 October 5 October 26 Required: Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 225 units 340 units 425 units 125 units 1, 115 units $11. $16. $21. 8,925 3,250 2,9 150 units 3 units 395 units 845 units @ $41. @ $41. @ $41. 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. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit Required 2 Required 3