Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost 285 units @ $13.40 = Units Sold at Retail $ 3,819 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 470 units 250 units Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals @ $43.40 @ $18.40 = 8,648 485 units 400 units $43.40 @ $23.40 = 11,349 460 units @ $43.40 185 units 1,425 units @ $28.40 = 5,254 $ 29,070 1, 110 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the gross profit for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross profit