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 Acquired at Cost Units Sold at Retail Activities Date Beginning inventorv 260 unit $12.40 s 3,224 an. 215 units $42.40 Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 420 units $17.40 380 units $42.40 460 units 22.40 425 unit $42.40 e4,384 160 units 27.40 1,020 units $25, 220 1,300 units Totals 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