Required informationSkip to question$[$The following information applies to the questions displayed below.$]$Hemming Company reported the following current$-$year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJanuary $1$Beginning inventory$200$units@ $$10=$$ $2,000$ January $10$Sales $150$units@ $$40$March $14$Purchase$350$units@ $$15=5,250$ March $15$Sales $300$units@ $$40$July $30$Purchase$450$units@ $$20=9,000$ October $5$Sales $430$units@ $$40$October $26$Purchase$100$units@ $$25=2,500$ Totals$1,100$units $ $18,750880$units Hemming uses a periodic inventory system.$($a$)$ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.$($b$)$ Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.$($c$)$ Compute the gross profit for each method.