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 240 units @ $11.60 = $ 2,784 180 units @ $41.60 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 370 units @ $16.60 = 6,142 330 units @ $41.60 440 units @ $21.60 = 9,504 415 units @ $41.60 140 units @ $26.60 = 1,190 units 3,724 $22,154 Totals 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