Hemming Co. reported the following current-year purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory . . . . . . . 200 units @ $10 $ 2,000 Jan. 10 Sales . . . . . . . . . . . . . . . . . . 150 units @ $40 Mar. 14 Purchase . . . . . . . . . . . . . . . 350 units @ $15 5,250 Mar. 15 Sales . . . . . . . . . . . . . . . . . . 300 units @ $40 July 30 Purchase . . . . . . . . . . . . . . . 450 units @ $20 9,000 Oct. 5 Sales . . . . . . . . . . . . . . . . . . 430 units @ $40 Oct. 26 Purchase . . . . . . . . . . . . . . . 100 units @ $25 2,500 Totals . . . . . . . . . . . . . . . . . 1,100 units $18,750 880 units Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO and

(b) LIFO. Compute the gross margin for each method.