Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Units Acquired at Cost @$11.00 = Purchase sales @$16.00 H Purchase @$21.00 = sales. Purchase @$26.00 Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. 225 units 340 units 425 units 125 units 1,115 units. $ 2,475 5,440 8,925 3,250 $ 20,090 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 profit for FIFO method and LIFO method. Units Sold at Retail 150 units. 300 units 395 units 845 units. @$41.00 @$41.00 @ $41.00 27