Required information The following information applies to the questions displayed below.J Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 245 units $11.80 2,891 39@units @ $16.80 = 6,552 445 units$21.80-9,701 145 units $26.80-3,886 Units Sold at Retail 190 units $41.80e 350 units $41.80 430 units $41.80 Totals 1,225 units $23,030 970 units Required Hemming uses a perpetual inventory system. . 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 LIFC 3. Compute the gross margin for FIFO method and LIFO method