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. pok Date Activities January 1 January 10 Beginning inventory Units Acquired at Cost 235 units @ $11.40 = Units Sold at Retail $ 2,679 March 14 nt March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales 170 units @ $41.40 360 units @ $16.40 = 5,904 290 units @ $41.40 435 units sk Purchase Totals 135 units 1,165 units @ $21.40 = @ $26.40 = 9,309 410 units @ $41.40 3,564 $ 21,456 870 units nt Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 ences 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. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3 >