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 Sold at Retail Units Acquired at Cost 220 units @ $10.80 = $ 2,376 190 units @ $40.80 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 330 units @ $15.80 = 5,214 280 units @ $40.80 420 units @ $20.80 = 8,736 390 units @ $40.80 120 units @ $25.80 = 1,090 units 3,096 $19,422 Totals 860 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