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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 275 units $13.00 - $ 3,575 January 10 Sales 230 units $43.00 March 14 Purchase 450 units @ $18.00 B 100 March 15 Sales 400 units @ $43.00 July 30 Purchase 475 units @323.00 - 10,925 October 5 Sales 455 units $43.00 October 26 Purchase 175 units @ $28.00 4.900 Totals 1,375 units 5 27,500 1.085 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 2. 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 Compute the gross profit for FIFO method and LIFO method. 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 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit