Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar 14 Purchase Mar 15 Sales Units Sold at Retail 340 units @ $42.80 Units Acquired at Cost 270 units @ $12.80 = $ 3,456 220 units @ $42.80 400 units @ $17.80 = 7,120 470 units @ $22.80 = 10,716 440 units @ $42.80 Oct. 26 Purchase Totals 170 units @ $27.80 = 4,726 1,310 units $26,018 1,000 units July 30 Purchase Oct. 5 Sales Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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.