please explain the steps and math

Required information Use the following information for the Exercises 8-10 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. Units Sold at Retail Units Acquired at Cost 260 units @ $12.40 - $ 3,224 7,308 215 units @ $42.40 420 units Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 $17.40 - Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 380 units 9 $42.40 460 units @ $22.40 10,384 425 units @ $42.40 @ $27.40 - 160 units 1,300 units 4,384 $ 25,220 1,020 units Exercise 5-8 (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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Hermine the reseannette and intor and in rest of naten in FIFO Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per # of units sold unit Cost of Goods Sold Goods Purchased Cost per #of units unit Date Inventory Balance Inventory unit Halance Cost per N of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Total Required 2 > Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per # of units Cost per Inventory Balance # of units Inventory unit Balance Cost per unit January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Pomimo Exercise 5-8 (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. 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. FIFO LIFO Sales revenue Less Cost of goods sold Gross profit