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 Unit Acquired at cost Units Sold at Retail January 1 Beginning inventory 215 units 310.60 $ 2,279 January 10 Sales 180 units @ $10.00 March 14 Purchase 320 units @ $15.60 4,992 March 15 Sales 260 units $40.60 July 30 Purchase 415 units 9 $20.60 3,549 October 5 Sales 400 units $40.00 October 26 Purchase 115 units $25.60 2.944 Totals 1,065 units $ 18,764 540 units Innumani Cont per Cost of Goods bold Cost per of units soll Cost of Goods Sold COPE nonton January 1 January 10 March 14 Total Morch 14 March 15 Total March 15 July 30 Total July 30 October 5 Total July 30 October 5 Total October October 26 0.00 Totals Cont of Goods Sold als Cost of Goods sold Sold Cost per orunlin Costa of units Inventory January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total July 30 October 5 Total October 5 October 26 Totals 0.00 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