! Required information Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @ $10.60 = Date January 1 January 10 March 14 @ $15.60 - March 15 July 30 October 5 @ $20.60 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals QS 5-2 (Algo) Inventory costs LO C1 Required: Hemming uses a perpetual inventory system. 215 units 320 units Required 1 Required 2 Required 3 415 units 115 units 1,065 units @ $25.60 = Complete his question by entering your answers in the tabs below. B 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. < $ 2,279 4,992 8, 549 2,944 $18, 764 Prev S of 13 Units Sold at Retail. www 180 units 260 units 400 units 840 units @ $40.60 @ $40.60 @ $40.60