Required information Use the following information for the Exercises 8-10 below. (Static) [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 Activities Units Acquired at Cost Units Sold at Retail Beginning inventory 200 units @ $10 $ 2,000 Sales 150 units @ $40 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales. 350 units @ $15 5,250 300 units @$40 450 units @ $20 9,000 430 units @ $40 Purchase Totals 100 units 1,100 units @ $25 2,500 $ 18,750 880 units Exercise 5-8 (Static) 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.