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[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	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	270	units	@ $12.80	=	$ 3,456
January 10	Sales						220	units	@ $42.80
March 14	Purchase	400	units	@ $17.80	=	7,120
March 15	Sales						340	units	@ $42.80
July 30	Purchase	470	units	@ $22.80	=	10,716
October 5	Sales						440	units	@ $42.80
October 26	Purchase	170	units	@ $27.80	=	4,726
	Totals	1,310	units			$ 26,018	1,000	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.