Hemming Company reported the following current$-$year purchases and sales for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail

January $1$ Beginning inventory $225$ units @ $$11\mathrm{.}00=$ $ $2,475$

January $10$ Sales $150$ units @ $$41\mathrm{.}00$

March $14$ Purchase $340$ units @ $$16\mathrm{.}00=5,440$

March $15$ Sales $300$ units @ $$41\mathrm{.}00$

July $30$ Purchase $425$ units @ $$21\mathrm{.}00=8,925$

October $5$ Sales $395$ units @ $$41\mathrm{.}00$

October $26$ Purchase $125$ units @ $$26\mathrm{.}00=3,250$

Totals $1,115$ units $ $20,090845$ units

Required:Hemming uses a perpetual inventory system.

$1.$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Hemming Company reported the following current$-$year purchases and sales for its only product.

$2.$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

$3.$ Compute the gross profit for FIFO method and LIFO method.