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. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 280 units $13.20 $ 3,696 January 10 Sales 240 unita $43.20 March 14 Purchase 460 units e $18.20 - 8,372 March 15 Sales 410 units $43.20 July 30 Purchase 480 units $23.20 - 11, 136 October 5 Sales 450 units October 26Purchase $43.20 180 units e $28.20 - 5,076 Totals 1,400 units $ 28,280 1,100 units 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. 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold # of units Cost per unit unit Cost of Goods Sold January 1 January 10 Date of units sold Cost per Inventory Balance Cost per Inventory unit Balance of units March 14 MVH MULH. Required information 2 Required 1 Required 2 Required) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per Cost per unit #of units sold unit Cost of Goods Sold January January 10 Inventory Balance Cost per Inventory unit Balance # of units 2742 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals