Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Units Acquired at Cost Units Sold at Retail Beginning inventory 270 units @ $12.80= $ 3,456 Sales 220 units @$42.80 March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales 400 units @$17.80= 7,120 340 units @ $42.80 470 units $22.80 10,716 440 units @$42.80 October 26 Purchase Totals 170 units 1,310 units $27.80 = 4,726 $ 26,018 1,000 units equired: emming 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. 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Goods Purchased Number of units Cost per unit Number of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold Number of units Inventory Cost p unit January 1 January 10 of 31 Required information Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Number of units Cost per unit Number of units sold Cost per Cost of Goods Sold unit Number of units Cost per unit January 1 January 10 March 14 ook int Total March 14 ronces March 15 Total March 15 July 30 Inventory Balance Date January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Tatal Lite 20 Goods Purchased Number of Cost per units init Perpetual LIFO: Cost of Goods Sold Number of units sold. Cost per unit Cost of Goods Sold Inventory Balance Number of Cost per unit units Inventory Balance f 3 Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue ok Less: Cost of goods sold Gross profit FIFO LIFO