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 Unita Acquired at Coat Unita Sold at Hetail January , Beginning inventory 275 unito 913.00 - $ 5,575 January 10 Sales 230 units 343.00 March 14 Purchase 450 units 510.00 - 8,100 March 15 Sales 400 unita # $43.00 July 30 Purchase 475 unita $23.00 - 10,925 October Sales 455 unita # $43.00 October 26 Purchase 175 units . 328.00 - 4.900 Total 1,375 units $ 27.500 1,085 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 Chat he won the tabs below Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetunt FIFO: Goods Purchased Cost of Goods Sold Date #of units Cost per unit #of units sold cost per Cost of Goods Sold January 1 January 10 Inventory Balance Inventory unit Balance Cost per unit # of units March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Prey 1 of 1 Next March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Honunda Required 2 > Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per of units Cost per Cost of Goods Cost per unit Inventory sold unit Sold # of units unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 Required information 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. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit