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 Activities January 1 January 10 March 14 Beginning inventory Sales March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals 245 units Units Acquired at Cost $11.80- Units Sold at Retail $ 2,891 190 units @ $41.80 390 units @$16.80- 6,552 350 units @$41.80 445 units @$21.80- 9,701 430 units @$41.80 145 units 1,225 units $26.80- 3,886 $ 23,030 970 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 21 Required 3