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. January 1 Activities Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 October 26 Purchase Sales Purchase Totals Units Acquired at Cont 300 white Unite Bold at Retail $14.00- $4,200 250 unite $44.00 $20 unit $19.00- 500 $24.00- 9.800 12,000 460 44.00 100 unite 0544.00 300 unite 1,520 units $29.00- 5,000 $31,880 1,190 un Exercise 6-8 (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.