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 Units Sold at Retail Jan. 1 Beginning inventory 205 units @ $10.20 = $ 2,091 Jan. 10 Sales 160 units @ $40.20 Mar. 14 Purchase 300 units @ $15.20 = 4,560 Mar. 15 Sales 250 units @ $40.20 July 30 Purchase 400 units @ $20.20 = 8,080 Oct. 5 Sales 375 units @ $40.20 Oct. 26 Purchase 105 units @ $25.20 = 2,646 Totals 1,010 units $ 17,377 785 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.