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Required information Use the following information for the Exercises 8-10 below. (Algo) (The following information applies to the questions dispiayed below.) Hemming Compary reported the following currentyear purchases and sales for its only product Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the Jctober 26 purchase. Using the specific identification method, calculate the foliowing. Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units frem the October 26 purchase. Using the specific identification method, calculate the following. Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Aequirnd indormation