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Use the following information for the Exercises 8-10 below. (Algo)

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[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	215	units	@ $10.60	=	$ 2,279
January 10	Sales						180	units	@ $40.60
March 14	Purchase	320	units	@ $15.60	=	4,992
March 15	Sales						260	units	@ $40.60
July 30	Purchase	415	units	@ $20.60	=	8,549
October 5	Sales						400	units	@ $40.60
October 26	Purchase	115	units	@ $25.60	=	2,944
	Totals	1,065	units			$ 18,764	840	units

Exercise 5-8 (Algo) Perpetual: Inventory costing methodsFIFO 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.