Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$12.00- 250 units 400 units 450 units 150 units 1,250 units @ $17.00 @ $22.00 e $27.00 T $ 3,000 6,800 9,900 4,050 $ 23,750 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. units sold at Retail 200 units 360 units 420 units 980 units @ $42.00 @ $42.00 @$42.00 Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @$12.00- 250 units 400 units 450 units 150 units 1,250 units @ $17.00 @ $22.00 e $27.00 T $ 3,000 6,800 9,900 4,050 $ 23,750 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. units sold at Retail 200 units 360 units 420 units 980 units @ $42.00 @ $42.00 @$42.00