Hemming Company reported the following current-year purchases and sales for its only product.

Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayod beflow] Hemming Company reported the following current year purchases and sales for its only product. 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. Compute the gross profit for FIFO method and LIFO method. Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetualuro: } \\ \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{2}{|c|}{ Coody Purchused } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & s ef units & \multirow[t]{2}{*}{Costperunit} & ofuniltssold & \multirow{2}{*}{Costperunit} & CostofGoodsSold & to of units & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{InvantoryBalance} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ March is }} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March is } \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Juty 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total doly 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 5} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total October 5} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual FIFO: } \\ \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchasod } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & \# of units sold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & # of units & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{InventoryBalance} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multirow{2}{*}{ March 14} & & & & & & & & \\ \hline & & & & & & & . & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multirow{2}{*}{ March 15} & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 5} \\ \hline & & & & & & & & \\ \hline Total October 5 & & & & & & & & \\ \hline \end{tabular}