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Simplify the decimal to 2 place

! 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 275 units $13.00 Units Sold at Retail Date = 3,575 Jan. 1 Beginning inventory Jan. 10 Sales 230 units e $43.00 450 units $18.00 = Mar.14 Purchase 8,100 400 units $43.00 Mar. 15 Sales 475 units $23.00= July30 Purchase Oct. 5 Sales 10,925 455 units $43.00 175 units $28.00 = Oct. 26 Purchase 4,900 1,375 units $27,500 1,085 units Totals Required 2 Required 3 Required 1 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Inventory Balance Goods Purchased Cost of Goods Sold Cost per unit Cost per unit Cost per unit #of Cost of Goods Sold Inventory Balance #of units sold Date of units units January 1 275@ $13.00 $ 3,575.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00 Perpetual LIFO Cost of Goods Sold Goods Purchased Inventory Balance Cost per Cost per Cost of Goods Sold #of #of units Cost per unit Inventory Balance Date # of units units unit sold unit January 1 275@ $13.00 3,575.00 January 10 March 14 March 15 July 30 October 5 October 5 October 26 Totals 0.00 Required 1 Required 3 Required 2 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Required 2 Required 3