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 Units Acquired at cost 200 units e $10 Unita Sold at Retail $ 2,000 Dato January 1 January 10 March 14 March 15 July 30 October 5 October 26 350 units 150 units Activities Beginning inventory Sales Purchase Sales Purchase sales Purchase Totals e $25 $40 5,250 450 units 300 units @ $20 $40 9,000 430 units e $40 100 units 1,100 units $25 2,500 $ 18,750 880 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, Goods Purchased Date Perpetual FIFO Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold Cost per # of units Inventory Balance Cost per Inventory # of units unit Balanco unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals 0.00 Date Goods Purchased Cost per # of units unit Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance of units Inventory unit Balance Cost per January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 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 ces Sales revenue Less: Cost of goods sold Gross profit