Required information [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 RetailJan. 1 Beginning inventory 285 units $13.40 = $ 3,819Jan. 10 Sales 250 units$43.40Mar. 14 Purchase 470 units $18.40 = 8,648Mar. 15 Sales 400 units $43.40July 30 Purchase 485 units $23.40 = 11,349Oct. 5 Sales 460 units $43.40Oct. 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