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. Activities Date January 1 January 10 Beginning inventory Units Acquired at Cost 265 units $12.60 Units Sold at Retail. $ 3,339 Sales 225 units $42.60 March 14 Purchase 430 units $17.60- 7,568 March 15 Sales: 370 units $42.60 July 30 October 5 October 26 Purchase Sales Purchase Totals 465 units $22.60- 10,509 440 units $42.60 165 units 1,325 units $27.60- 4,554 $ 25,970 1,035 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.