ces Required information [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 Purchase Units Acquired at Cost Units Sold at Retail Beginning inventory 295 units @$13.80= $ 4,071 Sales 240 units @ $43.80 480 units @$18.80= 9,024 420 units @ $43.80 495 units @$23.80= 11,781 465 units @$43.80 195 units @$28.80= 1,465 units 5,616 $ 30,492 1,125 units Sales Purchase Sales July 30. October 5 October 26 Purchase Totals 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.