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 101 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Activities Beginning inventory 265 units Units Acquired at Cost $12.60- Units Sold at Retail $ 3,339 225 units $42.60 430 units $17.60- 7,568 370 units @ $42.60 465 units $22.60- 10,509 440 units $42.60 Purchase Totals 165 units 1,325 units $27.60- 4,554 $ 25,970 1,035 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.