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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning 240 units inventory @ $11.60 = $2,784 January Sales 180 units 10 @ $41.60 March 14 Purchase 370 units @ $16.60 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 9,504 October 5 Sales 415 units @ $41.60 October Purchase 26 Totals 140 units 1,190 units @ $26.60 3,724 $ 22,154 925 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.