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