! Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Units Acquired at Cost 240 units @ $11.60 = $2,784 Units Sold at Retail Jan. 10 Sales 180 units @ $41.60 Mar. 14 Purchase Mar. 15 Sales July 30 Purchase 370 units @ $16.60 = 6,142 330 units @ $41.60 440 units @ $21.60 = 9,504 Oct. 5 Sales 415 units @ $41.60 Oct. 26 Purchase Totals 140 units @ $26.60 1,190 units 3,724 $22,154 925 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.