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. Units Sold at Retail Units Acquired at Cost 205 units @ $10.20 $ 2,091 Jan. = 160 units @ $40.20 300 units @ $15.20 4,560 Date Activities 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 250 units @ $40.20 400 units @ $20.20 8,080 375 units @ $40.20 105 units @ $25.20 1,010 units 2,646 $17,377 785 units Exercise 5-10A (Algo) Perpetual: Inventory costing LO P3 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