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 Beginning inventory 155 units @ $12.20 = $ 1,891 Jan. 10 Sales 145 units @ $42.20 Mar. 14 Purchase 305 units @ $17.20 = 5,246 Mar. 15 Sales 195 units @ $42.20 July 30 Purchase 455 units @ $22.20 = 10,101 Oct. 5 Sales 245 units @ $42.20 Oct. 26 Purchase 655 units @ $27.20 = 17,816 Totals 1,570 units $ 35,054 585 units 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. Compute the gross margin for LIFO method.