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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15 Sales uly 30 Purchase Oct. 5 Sales Oct. 26 Purchase 200 units $1 2,800 350 units e $15 5,25 450 units $29,009 100 units $252,500 Units Sold at Retail 150 units $40 300 units @$40 430 units $40 Totals 1,100 units $18,750 880 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 margin for FIFO method and LIFO method