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 Activities January 1 Beginning inventory Units Acquired at Cost 200 units Units Sold at Retail $10 $ 2,000 January 10 Sales 150 units $40 March 14 March 15 Purchase Sales 350 units $15 5,250 300 unite @ $40 July 30 Purchase 450 unita $20 9,000 October 5 Sales 430 units @ $40 October 26 Purchase Totals 100 units 1,100 units $25 2,500 $ 18,750 880 units Exercise 6-8 (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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3