Homework Saved Help Save 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. ook let Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 295 units $13.80 - $ 4,071 240 units @ $43.80 480 units @ $18.80 - 9,024 420 units $43.80 495 units @ $23.80 - 11,781 465 units @ $43.BE 195 units $28.80 5,616 1,465 units $30,492 1,125 units Tint erences Exercise 5-7 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