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 Activities Beginning inventory Sales Purchase Sales Purchase October 26 Sales Purchase Totals 270 units Units Acquired at Cost @ $12.80 Units Sold at Retail $ 3,456 220 units $42.80 400 units @ $17.80 - 7,120 340 units @$42.80 470 units 170 units- 1,310 units $22.80 - $27.80 10,716 440 units $42.80 4,726 $ 26,018 1,000 units Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method.