Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 200 units $10 2,000 350 units@ $155,250 450 units $209, 000 100 units 252,500 Retail 150 units $40 300 units $40 430 units $40 Totals 1,100 units $18,750 880 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross margin for each method. Answer is complete but not entirely correct