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 Activities January 1 January 10 Beginning inventory 250 units Units Acquired at Cost @ $12.00 Units Sold at Retail = $ 3,000 Sales 200 units @ $42.00 March 14 March 15 Purchase Sales 400 units @$17.00 = 6,800 360 units @ $42.00 July 30 Purchase 450 units $22.00 = 9,900 October 5 October 26 Sales Purchase Totals 420 units @ $42.00 150 units 1,250 units @ $27.00 4,050 $ 23,750 980 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 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO