! 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 240 units Units Acquired at Cost @ $11.60 Units sold at Retail = $ 2,784 Jan. 10 Sales 180 units @ $41.60 Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 370 units @ $16.60 = 6,142 330 units @ $41.60 440 units 140 units 1,190 units @ $21.60 @ $26.60 = 9,504 415 units @ $41.60 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.