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 Unite Acquired at Cost 205 units $10.20 $2,091 Units sold at Retail 160 units 540.20 Oct. 26 Purchase Totals 300 units $15.20 400 units $20.20- 105 unite $25.20 1,010 unita 4.560 250 units $40.20 8.080 375 units $40.20 2,646 $17,377 785 unita July 30 Purchase Oct. 5 Sales 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.