! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Units Acquired at Cost 295 units @ $13.80= Units Sold at Retail $ 4,071 March 14 March 15 Sales Purchase Sales 240 units @ $43.80 480 units @ $18.80 9,024 420 units @ $43.80 July 30 Purchase 495 units @ $23.80 11,781 October 5 Sales 465 units @ $43.80 October 26 Purchase Totals 195 units 1,465 units @ $28.80 5,616 $ 30,492 1,125 units Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method.