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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. Date Activities Unito Aequired at cost Units sold at Retail Jan. 1 Beginning inventory 235 units $11.40 - $ 2,679 Jan. 10 Sales 170 units . $41.40 Mar. 14 Purchase 360 units $16.40 - 5,904 Mar.15 Sales 290 units $41.40 July30 Purchase 435 units $21.40 - 9,309 Oct. 5 Sales 410 units $41.40 Oct.26 Purchase 135 units $26.40 - 3,564 Totals 1,165 units $21,456 870 units 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. Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost #of per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit # of units Date Inventory Balance Cost Inventory per unit Balance $ 11.40 $ 2,679.00 235 @ January 1 $ 1,938.00 $ January 10 741.00 170 @ 65 @ 11.40 $ March 14 $ 11.40 $ 11.40 $ 16.40 741.00 360 > es 16.40 65@ 360 @ 5,904.00 $ 6,645.00 March 15 $ 741.00 IS 741.00 65@ 225 @ 11.40 $ 16.40 65 135 @ $ 11.40 $ 16.40 3,690.00 $ 2,214.00 $ 2,955.00 $4,431.00 July 30 435 @ $ 741.00 21.40 65 @ 135 @ 2,214.00 >> $ 11.40 $ 16.40 $ 21.40 @ 2 435 9,309.00 $12,264.00 October 5 $ 741.00 $ 741.00 65 @ 135 275 @ $ 11.40 $ 16.40 $ 21.40 65@ 135 @ 2,214.00 $ 11.40 $ 16.40 $ 21.40 5,885.00 160 > 2,214.00 3,424.00 $ 6,379.00 $ 8,840.00 October 26 135 65 26.40 11.40 $ 741.00 135 X 2.214.00 160 @ 16.40 $ 21.40 $ 26.40 3,424.00 e 135 > 3,564.00 Totals $ 15.209.00 $ 9,943.00 Perpetual LIFO: Goods Purchased it of Cost per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date # of units January 1 235 January 10 170 @ $ 1,938.00 65 > Inventory Balance Cost Inventory per unit Balance $ $ 2,679.00 11.40 $ $ 741.00 11.40 $ $ 741.00 11.40 $ 16.40 5,904.00 $ 6,645.00 @ 11.40 March 14 360 16.40 65 @ 360 @ March 15 $ 741.00 65@ $ 741.00 65@ 2900 11.40 $ 16.40 >> 11.40 Is 16.40 70 @ 1,148.00 4.756.00 $5,497.00 $ 1,889.00 $ July 30 435 > 21.40 11.40 $ 741.00 65@ 70 @ = 1,148.00 $ 16.40 $ 21.40 435 @ 9,309.00 $ 11,198.00 October 5 65 $ 741.00 65 = $ 741.00 $ 11.40 $ 16.40 70 1,148.00 70 @ @ @ O $ 11.40 $ 16.40 $ 21.40 1,148.00 410 @ = 25 11 21.40 535.00 8.774.00 $ 10,663.00 $ 2.424.00 $ October 26 135 @ 26.40 $ 741.00 65 @ 70 @ 25 @ $ 11.40 S 16.40 IS 21.40 1.148.00 535.00 UN 135 le 26.40 3,564.00 Totals 18.098.00 $ 5,988.00