Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory March 14 March 15 Sales Purchase Sales July 30 Purchase October 5 Sales October 26 Purchase Totals 390 units 445 units 145 units 1,225 units Units Acquired at Cost 245 units @ $11.80 = @ $16.80 = @ $21.80 = @ $26.80 Units Sold at Retail $ 2,891 190 units @ $41.80 6,552 350 units @ $41.80 9,701 430 units @ $41.80 = 3,886 $ 23,030 970 units Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method