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 March 14 Activities Beginning Lovestory Site Acquired at Cost $13.40- 3,919 543,40 Purchase 470 units March 15 July 30 400 ite 143.45 Purchase 485 unite 33.40- October 5 Sales October 26 Purchase Total 105 unite $29.40- 13.349 3,354 460 unit 143.40 1,114 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. Goods Purchased Date of units Cost per of units sold Decostal FIFO Cost of Goods Sold Cost per unit Cost of Goods Sold of units loventory Balanss Cast per Inventory Balance January 1 January 101 205 al $13.40- $ 3.819.00 3.350.00 35 $13.40- 400.00 470 $ 18.40 35 $13.40 $ 409.00 March 14 Total March 14 470 a $10.40 8.648.00 $9,117.00 35 at $ 13.40 $ 469.00 $13.40 March 15 $ 18.40 0.00 at Total March 15 $ 469.00 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 3.619.00 Required 2>