Exercises 6 Help Save & 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. Units Sold at Retail Units Acquired at Cost 230 units @ $11.20 = $ 2,576 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 350 units @ $16.20 = 430 units @ $21.20 5,670 9,116 160 units @ $41.20 320 units @ $41.20 400 units @ $41.20 130 units @ $26.20 - 1,140 units 3,406 $20,768 880 units 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 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 # of units Cost per Inventory unit Balance 230 @ $ 11.20 - $ 2,576.00 January 1 January 10 L March 14 March 15 July 30 October 5 Che Required information July October 5 October 26 Totals