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 Activities Beginning inventory 210 units Units Acquired at Cost @$10.40= Units Sold at Retail $ 2,184 January 10 Sales 170 units @ $40.40. March 14 Purchase 310 units @$15.40 = 4,774 July 30 March 15 Sales Purchase 270 units @ $40.40 410 units @ $20.40= 8,364 October 5 Sales 380 units @$40.40 October 26 Purchase Totals 110 units 1,040 units @$25.40= 2,794 $ 18,116 820 units Exercise 5-10A (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.