Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Jan. 1 Beginning inventory Retail 200 units $10-$2,000 Jan.10 Sales 150 units $40 Mar.15 Sales Mar.14 Purchase July 30 Purchase 350 units = 5,250 $15 300 units $40 450 units = 9,000 $20 Oct. 5 Sales 430 units $40 Oct.26 Purchase Totals 100 units 1,100 units $25 2,500 $18,750 880 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 margin for FIFO method and LIFO method.