[The following information applies to the questions displayed below.] 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	290	units	@ $13.60	=	$ 3,944
January 10	Sales						260	units	@ $43.60
March 14	Purchase	500	units	@ $18.60	=	9,300
March 15	Sales						430	units	@ $43.60
July 30	Purchase	490	units	@ $23.60	=	11,564
October 5	Sales						470	units	@ $43.60
October 26	Purchase	190	units	@ $28.60	=	5,434
	Totals	1,470	units			$ 30,242	1,160	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.