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. Units Sold at Retail Units Acquired at Cost 225 units @ $11.00 = $ 2,475 150 units @ $41.00 340 units @ $16.00 = 5,440 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.00 = 125 units @ $26.00 1,115 units 3,250 $20,090 845 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 information 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 per units unit Cost of Goods Sold # of units Cost per cost of Goods sold unit Sold Date January 1 January 10 150 @ $ 11.00 = $1,650.00 March 14 340 @ $ 16.00 Inventory Balance # of units Cost per Inventory unit Balance 225 @ $ 11.00 = $ 2,475.00 75 @ $ 11.00 = $ 825.00 75 @ $ 11.00 = $ 825.00 340 @ $ 16.00 = 5,440.00 $ 6,265.00 0 @ $ 11.00 = 115 @ $ 16.00 = $ 1,840.00 $ 1,840.00 March 15 $ 75 225 @ @ $ 11.00 $ 16.00 = = 825.00 3,600.00 4,425.00 $ July 30 425 @ $ 21.00 115 = $ 1,265.00 @ @ @ $ 11.00 $ 16.00 $ 21.00 $ 1,265.00 October 5 $ 16.00 $ 21.00 = = 0.00 0.00 @ @ $ 16.00 $ 21.00 @ October 26 Totals $ 6,075.00 Required 1 Required 2 > Required information 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 # 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 Cost per unit Balance 225 @ $ 11.00 - $ 2,475.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1 Required 3 > 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