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 January 101 Sales March 14 Purchase March 15 Sales July 30 Purchase October 5 Sales October 26 Purchase Totals 280 units Units Acquired at Cost $13.20- Units Sold at Retail $3,696 240 units $43.20 460 units @$18.20- 8,372 410 units $43.20 480 units @$23.20- 11,136 450 units @ $43.20 180 units 1,400 units $28.20 5,076 $ 28,280 1,100 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 Perpetual FIFO Cost of Goods Sold Inventory Balance Cost per Inventory