Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 301 October 5 October 26 Sales Purchase Sales Purchase Activities Beginning inventory 235 units Units Acquired at Cost $11.40- Units sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40= 5,904 290 units @ $41.40 435 units @ $21.40 - 9,309 410 units $41.40 135 units 1,165 units @ $26.40 3,564 $ 21,456 870 units Sales Purchase Totals Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: 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.