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 January 10 March 14 March 15 July 30 October 5 October 26 Activ Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Sold at Retail Units Acquired at Cost 300 units $14.00- $ 4,200 250 units @ $44.00 520 units $19.00- 9,880 460 units @ $44.00 500 units $24.00- 12,000 480 units $44.00 200 units 1,520 units $29.00- 5,800 $31,880 1,190 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date: # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units January 11 January 101 March 141 Total March 14 March 15 Total March 15 July 30 Total July 30 Inventory Balance Cost per unit Inventory Balance