Question: Help with 1,2 , and 3 with explanation please. Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following

Help with 1,2 , and 3 with explanation please.

Help with 1,2 , and 3 with explanation please. Required information [Thefollowing information applies to the questions displayed below.] Hemming Co. reported the

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. Activities Units Acquired at Cost 265 units $12.60 Units Sold at Retail Date Jan. 1 Beginning inventory 3,339 = Jan. 10 Sales 225 units @ $42.60 430 units $17.60 Mar. 14 Purchase 7,568 Mar. 15 Sales 370 units @ $42.60 465 units @$22.60 July 30 Purchase Oct. 5 Sales 10,509 440 units @$42.60 165 units $27.60 Oct. 26 Purchase 4,554 1,325 units $25,970 Totals 1,035 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 FlIFO method and LIFO method. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost per Cost per Cost per unit Cost of Goods Sold of units of units sold Inventory Balance Date # of units unit unit January 1 265 $12.60 3,339.00 January 10 March 14 March 15 July 30 October 5 October 26 0.00 Totals

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