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 240 units @ $11.60 = $ 2,784 Jan. 10 Sales 180 units @ $41.60 Mar. 14 Purchase 370 units @ $16.60 = 6,142 Mar. 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 Oct. 5 Sales 415 units @ $41.60 Oct. 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units 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.