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 January 1 January 10 Sales Activities Beginning inventory March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals 200 units Units Acquired at Cost 510- Units Sold at Retail $2,000 150 units 540 350 units 515- 5,250 300 units 540 450 units 520 9,000 430 units @540 100 units 1,100 units $25 2,500 $18,750 880 units Exercise 5-8 (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.