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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 285 units @ $13.40 = $ 3,819

Jan. 10 Sales 250 units @ $43.40

Mar. 14 Purchase 470 units @ $18.40 = 8,648

Mar. 15 Sales 400 units @ $43.40

July 30 Purchase 485 units @ $23.40 = 11,349

Oct. 5 Sales 460 units. @ $43.40

Oct. 26. Purchase 185 units @ $28.40 = 5,254.

Totals. 1,425 units $ 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 margin for FIFO method and LIFO method.