The following information applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only produc Activities Units Sold at Retail Date Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Units Acquired at Cost 300 units@ $14.00$ 4,200 520 units @$.19.00 = 9,880 500 units $24.0012,000 200 units @$.29.00 = 5,800 250 units$44.00 460 units @ $44 480 units$44.00 .00 Totals 1,520 units $31,880 1,190 units 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