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 Activities Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals 230 units Units Acquired at Cost @ $11.20 - Units Sold at Retail $2,576 160 units $41.201 350 units @$16.20- 5,670 320 units $41.20 430 units @$21.20- 9,116 400 units @$41.20 130 units 1,140 units $26.20 3,406 $ 20,768 680 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 31 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO