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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. Units Acquired at Cost 200 units @ $10 = $2,000 Units Sold at Retail 158 units @ $40 350 units @ $15 = 5,258 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 3ee units @ 548 450 units @ $20 9,000 438 units @ $40 @ $25 100 units 1,100 units 2,500 $18,750 889 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: w Hemming uses a perpetual Inventory system. . 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 question by entering your answers in the tabs below