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. 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. Compute the gross profit for FIFO method and LIFO method. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Bstance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & CostofGoodsSold & Nof units & \multirow[t]{2}{*}{Costperunit} & \multirow[t]{2}{*}{InventoryBalance} \\ \hline January 1 & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 10} \\ \hline \multirow[t]{2}{*}{ March 14} & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total March 14} \\ \hline \multicolumn{9}{|l|}{ March 15} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ Total March 15}} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total July 30} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ October 5} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total October 5} \\ \hline & & & & & & & & \\ \hline \multirow[t]{2}{*}{ October 26} & 7 & & & & & & & \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular}