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 Units sold at Retail Jan. 1 Beginning inventory Date Activities 250 units @ $12.00 = $3,000 200 units @ $42.00 400 units @ $17.00 6,800 Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26. Purchase 360 units @ $42.ee 450 units @ $22.00 9,900 420 units @ $42.00 4,05 150 units $27.00 1,250 units Totals $23,750 989 units es 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