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 Totals. 100 units @$25= 2,500 1,100 units $18,750 880 units Required 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. (c) Compute the gross profit for each method.