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 Activities January 1 January 10 Beginning inventory 220 units Units Acquired at Cost $10.80- Units Sold at Retail $2,376 Sales 190 units $40.80 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase. Purchase, 330 units $15.80- 5,214 Sales 280 units $40.80 420 units $20.80- 8,736 390 units $40.80 Totals 120 units 1,090 units $25.00- 3,096 $ 19,422 860 unita 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.