Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 215 units @ $10.60 - $ 2,279 Units Sold at Retail 180 units @ $40.60 320 units @ $15.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 260 units @ $40.60 415 units @ $20.60 = 8,549 400 units @ $40.60 115 units @ $25.60 1,065 units 2,944 $18,764 840 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 and LIFO method