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. Units Acquired at Cost 245 units @ $11.80 Units Sold at Retail = $ 2,891 190 units Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 @ $41.80 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 390 units @ $16.80 = 6,552 350 units @ $41.80 445 units $21.80 9,701 430 units @ $41.80 145 units 1,225 units @ $26.80 Totals 3,886 $ 23,030 970 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. Goods Purchased Perpetual FIFO: Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Date Inventory Balance Cost per Inventory unit Balance # of units Cost per unit # of units January 1 January 10 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 Perpetual FIFO: Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Inventory Balance Cost per Inventory unit Balance # of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals