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 Activities Beginning inventory 255 units Units Acquired at Cost $12.20- Units Sold at Retail $3,111 March 14 Sales Purchase 210 units 410 units $17.20- 7,052 March 15 Sales 350 units $42.20 @ $42.20 July 30 October 5 October 26 Purchase Sales 455 units $22.20- 10,101 430 units $42.20 Purchase Totals 155 units 1,275 units $27.20- 4,216 $ 24,480 990 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.