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 Units Acquired at cost Units Sold at Retail January 1 Beginning inventory 255 units @ $12.20 $ 3,111 January 10 Sales 210 units $42.20 March 14 Purchase 410 units $17.20 7,052 March 15 Sales 350 units $42.20 July 30 Purchase 455 units @ $22:20 10,101 October 5 Sales 430 units $42.20 October 26 Purchase 155 units $27.20 Totals 1,275 units $ 24,450 990 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system Goods Purchased Perpetual FIFO: Cost of Goods Sold Date Cost per of units # of units sold Cost per unit unit Cost of Goods Sold Inventory Balance Cost per Inventory #of units unit Balance 255 at $ 12.20 S 3.111.00 January 1 January 10 210 at $ 1220 $ 2,562.00 $ 12.20 410 at 5 17 201 at March 14 $ 12.20 $ 17.20 410 at Total March 14 7,05200 $ 7,052 00 ut $ at March 15 $ 12.20 5 17.20 0.00 0.00 at at Total March 15 July 30 Total July 30 Required information at March 15 $ 0.00 at $ 12.20 $ 1720 at 0.00 at Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals S 2,562.00 Goods Purchased Perpetual LIFO: Cost of Goods. Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per #of units Inventory Balance Inventory # of units unit Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 0.00 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. 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