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 January 1 Activities Beginning inventory 280 units Units Acquired at Cost @$13.20 Units Sold at Retail == $ 3,696 January 10 Sales 240 units $43.20 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales 460 units @$18.20 31 8,372 410 units $43.20 480 units Purchase Totals 180 units 1,400 units @$23.20 @$28.20 11,136 450 units $43.20 5,076 $ 28,280 1,100 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO 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. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit #of units Inventory Balance Cost per unit Inventory Balance Prev 1 or Next