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. Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 ; Beginning 270 units ES 3.456 - inventory 270 unitss12.80$ 3,456 Jan.10 Sales 220 units $42.80 Mar.14 Purchase 400 units 517.80- 7,120 Mar.15 Sales 340 units $42.80 470 units $22.80- 10,716 440 units $42.80 July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 170 units 1,310 units - 4,726 $26,018 1,000 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