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. 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 100 units @ $25 2.500 Totals 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. Compute the gross margin for each method. (Round amounts to cents.)