! 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. Units Sold at Retail Units Acquired at Cost 290 units @ $13.60 = $ 3,944 260 units @ $43.60 500 units @ $18.60 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 9,300 430 units @ $43.60 490 units @ $23.60 = 11,564 470 units @ $43.60 = 190 units @ $28.60 1,470 units 5,434 $30, 242 Totals 1,160 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