Saved uired information e the following information for the Exercises below. e following information applies to the questions displayed below) emming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 220 units $10.80 - 5 2,376 Units Sold at Retail 190 units @ $40.80 330 units $15.30 = 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 5,214 280 units @ $40.80 420 units $28.80 - 8,736 390 units 40.80 120 units @ $25.80 1,090 units - 3,096 $19,422 860 units cercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 equired lemming 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 Compute the gross margin for FIFO method and LIFO method quired information equired 1 Required 3 termine the costs assigned to ending inventory and to cost of goods sold using UFO tal LED Date Goods Purchased Cost per of Cost of Goods Sold Cost per Cost of Goods anuary 1 of units January 10 March 14 Cost per Inventory e $100 = $ 2375.00 14 Purchase Mar.15 Sales July Purchase Oct. 5 Sales y current-year purchases and sales for its only product Units Acquired at Cost Units Sold at Retail 220 units 510.30 - $ 2,376 190 units 510.00 350 units 515.5 - 5,254 200 units $40.00 42 units $20.00 - 8,736 390 units 540.50 120 units $25.00 - 3.0% $19.422 Bonita Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Hemming uses a perpetual inventory system 1. Determine the costs ugned to ending inventory and to cost of goods sold using FIFO 2. Determine the costs signed to ending inventory and to cost of goods sold using LIFO 3. Compute the main for FF method and UFO method Complete this questions by entering your answers in the below tabs GRAVING BLANK DEX CARDS