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 Activities Units Acquired at Coat Units Sold at Retail January 1 Beginning inventory 205 units $10.20 - $ 2,091 January 10 Sales March 14 160 units $40.20 Purchase 300 unita $15.20 - 4.560 March 15 Sales 250 units $40.20 July 30 Purchase 400 units $20.20 - October 5 8,080 Sales October 26 375 unita 540.20 Purchase 105 unita # $25.20 - 2.646 Totalo 1.010 units $ 17,377 785 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods--FIFO and LIFO LO P1 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Date Goods Purchased Cost per # of units unit Perpetual FIFO Cost of Goods Sold # of units sold Cost per Cost of Goods Sold unit Inventory Balance Cost per Inventory unit Balance of units nmnare niente Annu enrerinn nurance TRA Tane na Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Date Cost per of units #of units sold Cost per unit Cost of Goods Sold unit January 1 January 10 Inventory Balance Cost per Inventory unit Balance of units March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 20 Totals $ 0.00 Required 2