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. Activities Date January 1 January 10 Beginning inventory Units Acquired at Cost 230 units $11.20 Units Sold at Retail $ 2,576 Sales 160 units $41.20 March 14 Purchase 350 units $16.20- 5,670 July 30 October 5 October 26 Sales Purchase Totals March 15 Sales Purchase 320 units $41.20 430 units. $21.20- 9,116 400 units $41.20 130 units $26.20- 3,406 1,140 units $ 20,768 880 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 profit for FIFO method and LIFO method.