[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Sales Activities Beginning inventory 250 units Units Acquired at Cost @ $12.00 = Units Sold at Retail $ 3,000 200 units @ $42.00 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units @ $22.00 = 9,900 420 units @ $42.00 Purchase Totals 150 units 1,250 units @ $27.00 4,050 $ 23,750 980 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.