5 Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Part 1 of 2 Activities Units Acquired at Cost Date Jan. Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchasee Oct. 5 Sales Oct. 26 Purchase 265 units $12.60 3,339 430 units $17.60 7,568 465 units $22.60 10,509 165 units $27.604,554 Units Sold at Retail 225 units $42.60 370 units $42.60 440 units $42.60 Print Totals 1,325 units $25,970 1,035 units Required 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 margin for each method