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Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	285	units	@ $13.40	=	$ 3,819
January 10	Sales						250	units	@ $43.40
March 14	Purchase	470	units	@ $18.40	=	8,648
March 15	Sales						400	units	@ $43.40
July 30	Purchase	485	units	@ $23.40	=	11,349
October 5	Sales						460	units	@ $43.40
October 26	Purchase	185	units	@ $28.40	=	5,254
	Totals	1,425	units			$ 29,070	1,110	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 profit for FIFO method and LIFO method.