Hemming Co. reported the following current year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 200 units a $10 = $ 2,000 Jan. 10 150 units @ $40 Mar. 14 Beginning inventory Sales Purchase Sales Purchase 350 units a $15 = 5,250 300 units a $40 450 units a $20 - 9,000 Mar. 15 July 30 Oct. 5 Oct. 26 Sales 430 units @ $40 Purchase 100 units $25 = 2,500 1,100 units $18,750 Totals 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