[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 225 units @ $11.00 = $ 2,475 January 10 Sales 150 units @ $41.00 March 14 Purchase 340 units @ $16.00 = 5,440 March 15 Sales 300 units @ $41.00 July 30 Purchase 425 units @ $21.00 = 8,925 October 5 Sales 395 units @ $41.00 October 26 Purchase 125 units @ $26.00 = 3,250 Totals 1,115 units $ 20,090 845 units

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.

Compute the gross profit for FIFO method and LIFO method.