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 Units Sold at Retail Units Acquired at Cost @ 295 units Jan. Beginning inventory 1 $13.80=$ 4,071 Jan. 10 Sales @ 240 units $43.80 Mar. 14 Purchase @ 480 units $18.80 9,024 Mar. 15 Sales @ 420 units $43.80 July 30 Purchase @ 495 units $23.80 = 11,781 Oct. 5 Sales @ 465 units $43.80 Oct. 26 Purchase 5,616 @ 195 units $28.80 1,465 units Totals $30,492 1,125 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. Goods Purchased # of Cost units per unit Date Cost of Goods Sold Inventory Balance Cost Cost # of units Cost of Goods Inventory # of units per sold per unit Sold unit Balance $ $ 295 @ 13.80 4,071.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals