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 220 units @ $10.80 $ 2,376 Units Sold at Retail 190 units @ $40.89 330 units @ $15.80 5,214 Date Activities Jan. 1 Beginning inventory Dan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 280 units @ $40.80 420 units @ $20.80 8,736 390 units @ $40.80 3,096 120 units @ $25.80 1,090 units $19,422 860 units equired Hemming uses a perpetual inventory system. 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