! 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 January 1 January 10 Activities Beginning inventory 300 units Units Acquired at Cost @ $14.00 Units Sold at Retail = $ 4,200 Sales 250 units @ $44.00 March 14 March 15 Purchase Sales 520 units @ $19.00 = 9,880 460 units @ $44.00 July 30 Purchase 500 units October 5 Sales October 26 Purchase Totals 200 units 1,520 units @ $24.00 = @ $29.00 12,000 480 units @ $44.00 5,800 $ 31,880 1,190 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. Date Goods Purchased # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 January 10 March 14 Total March 14 Inventory Balance Cost per unit Inventory Balance