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 Units Acquired at Cost Units Sold at Retail 225 units @$11.00- $2,475 Sales 150 units @ $41.00 March 14 Purchase 340 units @ $16.00 = 5,440 March 15 July 30 October 5 Sales Purchase Sales 300 units @ $41.00 425 units @ $21.00- 8,925 395 units @$41.00 October 26 Purchase Totals 125 units 1,115 units @$26.00 - 3,250 $ 20,090 845 units Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO PI 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 Cost per of units a of units sold Perpetual FIFO Cost of Goods Sold Cost per Cost of Goods Inventory Balance of units Cost per Inventory