Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory January 10 Sales March 14 March 15 Purchase Sales July 30 Purchase October 5 October 26 Sales Purchase Totals Units Acquired at Cost 215 units @ $10.60 Units Sold at Retail $ 2,279 180 units @ $40.60 320 units @ $15.60 = 4,992 260 units @ $40.60 415 units @ $20.60- 8,549 400 units @ $40.60 115 units $25.60 2,944 1,065 units $ 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 profit for FIFO method and LIFO method.