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. Activities Units Acquired at Cost 215 units 10.60= $ 2,279 Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales 180 units @ $40.60 320 units $15.60 4,992 Mar. 14 Purchase 260 units $40.60 Mar. 15 Sales 415 units e $20.60- July 30 Purchase 8,549 400 units $40.60 Oct. 5 Sales 115 units $25.60 Oct. 26 Purchase 2,944 840 units 1,065 units $18,764 Totals Exercise 6-7 Perpetual: Inventory costing methods-FI FO 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