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 Activities Beginning inventory 235 units Unita Acquired at Cost $11.40- Unita Sold at Retail $ 2,679 January 101 Sales 170 units $41.40 March 14 March 15 Purchase Sales 360 units $16.40- 5,904 290 units @ $41.40 July 30 Purchase 435 unite $21.40- 9,309 October 5 Sales 410 units. $41.40 October 26 Purchase Totals: 135 units 1,165 units @$26.40 3,564 $ 21,456 870 units Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit #of units sold Cost per unit Cost of Goods Sold Cost per of units 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 Inventory Balance Goods Purchased Date #of units Cost per unit # of units sold. 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 Perpetual LIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods of units Cost per Sold unit $ 0.00 Inventory Balance 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 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit