[The following information applies to the questions displayed below Hemming Co. reported the following current year purchases and sales for its only product ActivitiesU Units Acquired at Cost Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 290 units $13.603,944 500 units $18.60 9,300 490 units $23.60 11,564 190 units $28.605,434 260 units $43.60 430 units $43.60 478 units$43.60 Totals 1,470 units $30,242 1,160 units Exercise 5-9A Periodic: Inventory costing system LO P3 Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross margin for each method