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 Units Acquired at Cost Units Sold at Retail @ 260 units = $ 3,224 $12.40 215 units @ $42.40 @ 420 units $17.40 7,308 @ 380 units $42.40 @ 460 units $22.40 = 10,304 @ 425 units $42.40 160 units 4,384 $27.40 1,300 units $25,220 1,020 units July 30 Purchase Oct. 5 Sales Oct. 26 Purchase = Totals Exercise 5-10A (Algo) Perpetual: Inventory costing LO P3 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of units Cost per unit Cost of Goods Sold Cost per # of units sold Cost of Goods Sold unit Date Inventory Balance Cost per Inventory # of units unit Balance 260 @ $ 12.40 = $ 3,224.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Date Inventory Balance Cost per Inventory # of units unit Balance 260 @ $ 12.40 = $ 3.224.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Exercise 5-10A (Algo) Perpetual: Inventory costing LO P3 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. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross profit