[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

285

units

@ $13.40

=

$

3,819

Jan.

10

Sales

250

units

@ $43.40

Mar.

14

Purchase

470

units

@ $18.40

=

8,648

Mar.

15

Sales

400

units

@ $43.40

July

30

Purchase

485

units

@ $23.40

=

11,349

Oct.

5

Sales

460

units

@ $43.40

Oct.

26

Purchase

185

units

@ $28.40

=

5,254

Totals

1,425

units

$

29,070

1,110

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.