Required information Use the following information for the Exercises 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 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 215 units Units Acquired at Cost $10.60- Units Sold at Retail $ 2,279 180 units $40.60 320 units @$15.60 4,992 260 units 415 units $20.60- 8,549 400 units $40.60 @$40.60 115 units 1,065 units @$25.60 2,944 $ 18,764 848 units Exercise 5-10A (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. art 2 of 2 ts eBook Hint Exercise 5-10A (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P 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. Print Required 1 Required 2 Required 3 erences Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Pernetual FIFO Goods Purchased Cost of Goods Sold Date Number of points unit Cost per Number of units sold Cost per unit Cost of Goods Sold Number of units January 1 January 10 3 eflook March 141 Hint Pri Total March 14 March 15 Total March 15 References July 30 Total July 30 October 5 Total October 5 October 26 Totals S 0.00 Inventory Balance Cost per Inventory unit Balance 1 Date Goosts Purchased Number of Cost per sanit Book Hint January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Perpetual LIEQ Cost of Goods Sold Number of Cost per Cost of Goods units sold unit Sold Inventory Balance Number of Cost per Inventory Belance $ 0.00 eBook Required: Hint Print References 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