Chapter 6 Financial Statement 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 Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10-$2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units @ $15= 5,250 Mar.15 Sales July 30 Purchase 300 units @ $40 450 units @ $20= 9,000 Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units @ $25= 2,500 Totals 1,100 units $18,750 880 units Required: Hemming uses a perpetual inventory system. Worth 40 Points Worth 40 Points 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. Worth 20 Points You may use the attached document to submit your answers or create an excel spreadsheet.