Use the following information for the Exercises 8-10 below. (Algo) Skip to question [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 245 units @ $11.80 = $ 2,891 January 10 Sales 190 units @ $41.80 March 14 Purchase 390 units @ $16.80 = 6,552 March 15 Sales 350 units @ $41.80 July 30 Purchase 445 units @ $21.80 = 9,701 October 5 Sales 430 units @ $41.80 October 26 Purchase 145 units @ $26.80 = 3,886 Totals 1,225 units $ 23,030 970 units Exercise 6-8 (Algo) Perpetual: Inventory costing methodsFIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross profit for FIFO method and LIFO method