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. Units Acquired at Cost 250 units @ $12.00 = $ 3,000 400 units @ $17.00 6,800 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 360 units @ $42.00 450 units @ $22.00 = 9,900 150 units a $27.00 = 4,050 1,250 units $23,750 420 units @ $42.00 980 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