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 Activities Beginning inventory January 10 March 14 Sales Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals 210 units 310 units Units Acquired at Cost $10.40 $15.40 Units Sold at Retail = $2,184 170 units $40.40 4,774 270 units $40.40 410 units $20.40 8,364 380 units $40.40 110 units 1,040 units $25.40 2,794 $ 18,116 820 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.