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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 Unita Sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Unita Acquired at Cont 235 unita e $11.40 - $ 2,679 360 units e $16.40 - 5,904 435 units $21.40 - 9,309 135 units $26.40 = 3,564 1,165 units 456 170 units # $41.40 290 units # $41.40 410 units e $41.40 870 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date January 1 January 10 170 @ $41.40 = $ 7,038,00 Inventory Balance Cost # of units Inventory per unit Balance 235 @ $11.40 $ 2,679.00 65 $ 11,40 - $ 741.00 65 $11.40 $ 741.00 360 $ 16.40 - 5,904.00 $ 6,645.00 March 14 360 @ $ 16.40 March 15 65 @ e $ $ 65 @ $11.40 - 741.00 e $ 11.40 $ 16.40 741.00 0.00 741.00 $ $ 741.00 July 30 October 5 October 26 Totals $ 7.779.00 Required Required 2 > Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Date Cost of Goods # of units Cost Inventory units sold per unit Sold per unit Balance January 1 235 $11.40 = $ 2,679.00 January 10 per unit March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin (Required 2 Required