! 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. Date January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales July 30 October 5 October 26 Purchase Sales Purchase Totals Units Acquired at Cost 205 units @$10.20 Units Sold at Retail $ 2,091 160 units @ $40.20 300 units @ $15.20 400 units @ $20.20 4,560 8,080 250 units @ $40.20 375 units @ $40.20 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units Exercise 6-8 (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.