View previous attempt Check my wor Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Date January 1 January 10 Beginning inventory Sales March 14 July 30 October 5 March 15 Purchase Sales Purchase Sales October 26 Purchase Totals Units Acquired at Cost 245 units @ $11.80 = Units Sold at Retail $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 350 units @$41.80 145 units 1,225 units 445 units @ $21.80 = @ $26.80 9,701 430 units @$41.80 3,886 $ 23,030 970 units 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. < Prev 6 of 15 Next> Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. Sales revenue Less: Cost of goods sold Gross profit FIFO LIFO < Required 2 Required 3>