[The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Units sold at Retail 295 units @ $13.89 = $ 4,071 Jan. 1e Sales 240 units $43.80 Mar. 14 Purchase 480 units @ $18.80 9,024 Mar.15 Sales 420 units @ $43.80 July3e Purchase 495 units @ $23.80 11,781 Oct. 5 Sales 465 units $43.80 Oct. 26 Purchase 195 units $28.80 5,616 Totals 1,465 units $30,492 1.125 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