UNUTUULA L-Class!... roblem Solving Assignment - Chapter 6 Saved Requirea 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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 255 units @ $12.20 - $ 3,111 Jan.10 Sales 210 units @ $42.20 Mar. 14 Purchase 410 units e $17.20 - 7,052 Mar.15 Sales 350 units @ $42.20 July 30 Purchase 455 units @ $22.20 10,101 Oct. 5 Sales 430 units @ $42.20 Oct. 26 Purchase 155 units @ $27.20 - 4,216 Totals 1,275 units $24,480 990 units Exercise 6-7 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