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 Units Sold at Retail Jan. Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 units @ $42.20 410 units @ $17.20 = 7,052 Activities 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $42.20 455 units @ $22.20 10,101 430 units @ $42.20 = 155 units @ $27.20 1,275 units 4,216 $24,480 990 units 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