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 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 260 units $12.40- Units Sold at Retail $ 3,224 215 units @ $42.40 420 units 460 units $17.40- @$22.40 7,308 380 units @ $42.40 10,304 425 units $42.40 160 units 1,300 units @ $27.40 4,384 $ 25,220 1,020 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 profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Answer is not complete.