Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory 260 units Units Acquired at Cost @$12.40= Units Sold at Retail $ 3,224 Sales 215 units @ $42.40 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals 420 units @ $17.40 = 7,308 380 units $42.40 460 units $22.40 10,304 425 units $42.40 160 units 1,300 units $27.40 4,384 $ 25,220 1,020 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 equired: lemming 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.