Required information [The following information applies to the questions displayed belowj Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Sold at Retail 150 units $40 300 units $40 430 units $40 Activities Units Acquired at Cost 200 units $10-2,000 350 units $15 5,250 450 units$209,000 100 units $25 2,500 Totals 1,100 units $18,750 880 units Required 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 margin for each method