! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Units Acquired at Cost 215 units @ $10.60 = $ 2,279 320 units$15.60 = 4,992 415 units @ $20.60 = 8,549 2,944 $18,764 Oct. 26 Purchase Totals 115 units $25.60 1,065 units - Units Sold at Retail 180 units $40.60 260 units @ $40.60 400 units $40.60 840 units Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: 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. ici Compute the gross profit for each method