[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 Narch 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Units Acquired at Cost @ $12.80 = 270 units 400 units 470 units 170 units 1,310 units @ $17.80 = @ $22.80 = @ $27.80 = $3,456 7,120 10, 716 4,726 $ 26,018 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 profit for FIFO method and LIFO method. Units Sold at Retail @$42.80 220 units 340 units 440 units 1,000 units @ $42.80 @$42.80