Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales. Units Acquired at Cost 295 units $13.80 = $ 4,071 480 units @ $18.80 = 9,024 495 units $23.80 = 11,781 Units Sold at Retail 240 units $43.80 420 units @ $43.80 465 units $43.80 Oct. 26 Purchase Totals 195 units $28.80 = 5,616 1,465 units $30,492 1,125 units Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method.