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 July 30 Purchase Oct. 5 Sales: Oct.26 Purchase Totals 190 units @ $28.60- 1,470 units Units Acquired at Cost 290 units $13.60 - $ 3,944 500 units $18.60 - 9,300 490 units @ $23.60 - 11,564 5,434 $30,242 Units Sold at Retail 260 units @ $43.60 430 units @ $43.60 470 units $43.60 1,160 units 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.