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

Date Activities Units Acquired at Cost Units Sold at Retail

Jan. $1$ Beginning inventory $265$ units @ $$12\mathrm{.}60=$ $ $3,339$

Jan. $10$ Sales $225$ units @ $$42\mathrm{.}60$

Mar. $14$ Purchase $430$ units @ $$17\mathrm{.}60=7,568$

Mar. $15$ Sales $370$ units @ $$42\mathrm{.}60$

July $30$ Purchase $465$ units @ $$22\mathrm{.}60=10,509$

Oct. $5$ Sales $440$ units @ $$42\mathrm{.}60$

Oct. $26$ Purchase $165$ units @ $$27\mathrm{.}60=4,554$

Totals $1,325$ units $ $25,9701,035$ unitsRequired:

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 margin for FIFO method and LIFO method.