Chapter 6 Saved Help Save & Exit S Check my we Required information Use the following information for the Exercises below. The following information applies to the questions displayed belowj Hemming Co. reported the following current-year purchases and sales for its only product Acquired at CostUnits Sold at Retal1 24 units $11.60-$ 2,78 7eumnits $16.60 6,142 44 unity 21.609,5 140nits @ $26.60 "3224 Jan. 18 Sales 180 units $41.68 330 units 541.6 415 units $41.60 Mar. 15 Sales Duly 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 1,190 unies 22,154 925 units Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. Complete this questions by entering your answers in the below tabs Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO DOLL F7 F9 F4 Check m 3 Date Cost per: # of units Cost per | Cost of Goods 240 e $11.60 March 14 @| $11 601 S 69600 6 142.00 S 6,838 00 370$ 16.60 1 @ | $1160| # | 696 00 0.00 S 69600 $16 60 uly 30 $21.60 $26 60 5 2 784 00 Totals Required 2 Per 3of9 Next > Fs FT