of 2 Required information. [The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales bed March 14 March 15 July 301 Purchase Sales Purchase October 5 October 26 ok Sales Purchase Totals ht Units Acquired at Cost Units Sold at Retail 200 units $10 $ 2,000 150 units $40 350 units $15 5,250 300 units $40 450 units $20 9,000 430 units $40 100 units 1,100 units @ $25 2,500 18,750 880 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.