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 inventory Sales Purchase March 15 July 30 October 5 October 26. Sales Purchase Sales Purchase Totals Units Sold at Retail 360 units 435 units 135 units 1,165 units Units Acquired at Cost 235 units @$11.40= @$16.40 = @$21.40= @$26.40 $ 2,679 170 units @ $41.40 5,904 290 units @ $41.40 9,309 410 units. @$41.40 3,564 $ 21,456 870 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 unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Cost per unit Inventory Balance Inventory Balance January 1 January 10 235 at $ 11.40 = $ 2,679.00 170 at $ 11.40 = $ 1,938.00 65 at $ 11.40 $ 741.00 360 at $ 16.40 March 14 Total March 14 65 at 360 at $ 11.40= $ 16.40 $ 741.00 5,904.00 $ 6,645.00