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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales Units Acquired at Cost 260 units @ $12.40 Units Sold at Retail - $ 3,224 215 units @ $42.40 420 units $17.40 7,308 380 units @ $42.40 460 units @ $22.40 10,304 Oct. 5 Sales 425 units $42.40 Oct. 26 Purchase Totals 160 units 1,300 units $27.40 4,384 $25,220 1,020 units July 30 Purchase 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. Complete this questions by entering your answers in the below tabs.