Required information Skip to question [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 230 units @ $11.20 = $ 2,576 January 10 Sales 160 units @ $41.20 March 14 Purchase 350 units @ $16.20 = 5,670 March 15 Sales 320 units @ $41.20 July 30 Purchase 430 units @ $21.20 = 9,116 October 5 Sales 400 units @ $41.20 October 26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $ 20,768 880 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.