Required information Use the following information for the Exercises below [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 an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase 250 units @$.12.00 $. 3,000 400 units $17.006,800 450 units $22.00 9,900 150 units $27.004,050 Units Sold at Retail 200 units $42.00 360 units $42.00 420 units $42.00 Totals 1,250 units $23,750 980 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 FIFCO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross margin for each method