Date 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. Activities Units Acquired at Coat Jan. 1 Beginning inventory Unito Sold at Netan 280 units @ $13.20 - $ 3,696 Jan. 10 Sales 240 units . $0.20 Mar. 14 Purchase 460 units $18.20 - 8,372 Mar.15 Sales 410 unita . $43.20 July 30 Purchase 480 units e $23.20 - 11,136 450 unita . $43.20 Oct.26 Purchase 180 units e $28.20 - 5,076 Totals 1,400 units $28,280 Oct. 5 Sales 1, 100 unita 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 margin for FIFO method and LIFO method. unit unit January 1 UNIT 280 $ 13.20 $ 3,696.00 January 10 240 @O $ 3,168,00 13.20 40 @ 13.20 $ 528.00 March 14 460 @ > 18.20 40 le $ 13 20 $ 528.00 460 18.20 8,372.00 $ 8,900.00 March 15 B S 0.00 B 13.20 13.20 $ 18.20 410 22 40 7,462.00 $7,462.00 18.20 728.00 $728.00 July 30 480 401 $ 528.00 23,20 $ 13.20 $ 18.20 50@ 910.00 40 x 928.00 23 20 $ 2,366.00 IS 13.20 @ $ 0.00 S 13.20 October 5 2 40 W 23.20 $28.00 $ 2,366.00 October 5 @ S 0.00 @ $ 13.20 $ 18.20 $ 23.20 S 13.20 $ + 0.00 18.20 450 10,440.00 $ 23.20 $ 10.440.00 October 26 180 40 S $ 528.00 28,20 50 le . 910.00 s 13.20 S 18.20 $ 23 20 $ 28.20 30 690.00 @ @ BO 2,256.00 $ 21.070.00 $ 4,390.00 Totals