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 March 14 Sales Purchase Harch 15 Sales July 30 October 5 October 26 Purchase Sales Purchase Totals 230 units Units Acquired at Cost $11.20 Units Sold at Retail $2,576 160 units $41.20 350 units 116.20 5,670 430 units 121.20 9,116 $41.20 #541.20 130 units 1,140 units $26.20- 3,406 $20,768 530 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.