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 Sales Purchase Activities Beginning inventory Units Acquired at Cost. 215 units $10.60 Units Sold at Retail $ 2,279 180 units $40.60 320 unite $15.60- 4,992 July 301 October 5 Sales Purchase Sales October 26 Purchase Totals 260 units $40.60 415 units $20.60- 8,549 400 units $40.60 115 units 1,065 units $25.60 2,944 $18,764 840 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.