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 Units Acqlared at cost Units Sold at Retail January 1 Beginning inventory 205 units @ $19.20 $ 2,091 January 10 Sales 160 units @ $40.20 March 14 Purchase 300 units @ 515.20 4,560 March 15 Sales 250 units 0 $40.20 July 30 Purchase 400 units @ $20.20 8,080 October 5 Sales 375 units $40.20 October 26 Purchase 185 units O $25.20 - 2,640 Totals 1,010 units $ 17,377 785 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