Help Save& Exit Submit 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 of 2 Jan. 1 Beginning inventory Jan.10 Sales 265 units $12.60 $ 3,339 430 units $17.607,56t8 465 units e $22.6010,509 165 units @ $27.60 4,554 Mar.15 Sales 370 units e $42.60 July30 Purchase Oct. 5 Sales Totals 1,325 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. Complete this questions by entering your answers in the below tabs.