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. Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 100 units $14.90 - $ 4,200 January 10 Salon 250 unite $44.00 March 14 Purchase 520 units $19.00 - 9, 880 March 15 Sales 460 units $44.00 July 30 Purchase 500 units $24.00 - 12,000 october 5 Sales 480 units $44.00 October 26 Purchase 200 units $29.00 Totals 1, 520 units $ 31,080 1, 190 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. . 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.Required Information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goode Purchased Cent of Goods Sold Inventory Balance Date of units Cost por of units sold Cost per Cost of Goods Sold # of units Cost per Inventory Linil unit Balance January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 ( Prev 1 of 1 Next