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

DateActivitiesUnits Acquired at CostUnits Sold at RetailJanuary $1$Beginning inventory$295$units@ $$13\mathrm{.}80=$$ $4,071$January $10$Sales$240$units@ $$43\mathrm{.}80$March $14$Purchase$480$units@ $$18\mathrm{.}80=9,024$March $15$Sales$420$units@ $$43\mathrm{.}80$July $30$Purchase$495$units@ $$23\mathrm{.}80=11,781$October $5$Sales$465$units@ $$43\mathrm{.}80$October $26$Purchase$195$units@ $$28\mathrm{.}80=5,616$Totals$1,465$units$$$ $30,4921,125$units$$

Required:

Hemming uses a perpetual inventory system.

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

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

Compute the gross profit for FIFO method and LIFO method