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Date 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 Units sold at Retail Jan. 1 Beginning inventory 215 units @ $10.60 $ 2,279 Jan. 10 Sales 180 units @ $40.60 Mar. 14 Purchase 320 units @ $15.60 4,992 Mar. 15 Sales 260 units @ $40.60 July 30 Purchase 415 units @ $20.60 8,549 Oct. 5 Sales 400 units @ $40.60 Oct. 26 Purchase 115 units @ $25.60 2,944 Totals 1,065 units $18,764 840 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. Required information Perpetual FIFO: Goods Purchased # of Cost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date unit Inventory Balance Cost per Inventory # of units unit Balance 215 @ $ 10.00 - S 2.279.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required information Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 215 @ $ 10.60 = $ 2.279.00 January 1 January 10 March 14 March 15 July 30 s October 5 October 20 Totals Oct. 26 Purchase Totals 115 units @ $25.60 1,065 units 2,944 $18,764 840 units ef 2 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. . ok Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. ht FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin