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. Units Acquired at Cont 300 units @ $14.00 - Units Sold at Retail $ 4,200 250 units e $44.00 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 520 unita @ $19.00 - 9,880 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 460 unita @ $44.00 500 units $24.00 12,000 480 units $44.00 $29.00 200 units 1,520 units 5.800 $ 31,880 1,190 units Exercise 5-8 (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. Complete this question by entering your answers in the tabs below. Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date Cost per Inventory Balance Cost per Inventory # of units unit Balance # of units unit unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 es October 5 Total October 5 October 26 Totals 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