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 Activities Beginning inventory Sales March 14 July 30 October 5 March 15 Purchase Sales Purchase Sales October 26 Purchase Totals 480 units Units Acquired at Cost 295 units $13.80 @$18.80= Units Sold at Retail $ 4,071 240 units @ $43.80 9,024 420 units $43.80 495 units @$23.80= 11,781 465 units $43.80 195 units @ $28.80= 1,465 units 5,616 $ 30,492 1,125 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 11 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Parnetual FIFO: