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 March 14 Activities Beginning inventory 255 units Sales Purchase 410 units Units Acquired at Cost @$12.20 @ $17.20 = Units Sold at Retail $ 3,111 210 units @$42.20 7,052 March 15 Sales 350 units @ $42.20 July 30 Purchase 455 units @ $22.20= 10,101 October 5 Sales 430 units @ $42.20 October 26 Purchase Totals 155 units 1,275 units @ $27.20= 4,216 $ 24,480 990 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 Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost per Cost of Goods Sold # of units unit Inventory Balance 255 at $ 12.20= $ 3,111.00 January 1 January 10 March 14 1 Total March 14 March 15 Total March 15 July 30 nces Total July 30 October 5 Total October 5 October 26 210 at 410 at $ 17.20 at $ 17.20