Required information Use the following information for the Exercises 8-10 below. (Algo) Skip to question [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 Cost Units Sold at Retail January 1 Beginning inventory 255 units @ $12.20 = $ 3,111 January 10 Sales 210 units @ $42.20 March 14 Purchase 410 units @ $17.20 = 7,052 March 15 Sales 350 units @ $42.20 July 30 Purchase 455 units @ $22.20 = 10,101 October 5 Sales 430 units @ $42.20 October 26 Purchase 155 units @ $27.20 = 4,216 Totals 1,275 units $ 24,480 990 units Exercise 6-8 (Algo) Perpetual: Inventory costing methodsFIFO 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.