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 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 210 units Units Acquired at Cost @$10.40 Units Sold at Retail $ 2,184 170 units $40.40 310 units $15.40 = 4,774 270 units $40.40 410 units $20.40 8,364 380 units $48.40 110 units 1,040 units $25.40 2,794 $ 18,116 828 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.