0 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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 290 units $13.60 - $ 3,944 Jan. 10 Sales 260 units @ $43.60 Mar.14 Purchase 500 units @ $18.60 = 9,300 Mar. 15 Sales 430 units e $43.60 July 30 Purchase 490 units $23.60 = 11,564 Oct. 5 Sales 470 units @ $43.60 Oct.26 Purchase 190 units e $28.60 - 5,434 Totals 1.470 unita $30,242 1.160 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. Complete this questions by entering your answers in the below tabs. 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 Cost of Goods Sold Inventory Balance ot Cost per of units Date Cost per Cost of Goods Cost per of units Inventory units unit sold unit Sold Balance January 1 290 @ $13.80 $ 3.944.00 Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance of of units Date Cost of Goods Cost per units Inventory unit of units sold unit Sold unit Balance January 1 290 $ 13.60 $ 3,944.00 January 10 Cost per Cost per March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Roqulod Required 2 > Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold #of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory #of units unit Balance 290 @ $ 13,60 = $ 3,944.00 January 1 January 10 March 14 March 15 July 30 October 5 October 20 Totals $ 0.00 (Required 1 Required 3 > Unito acquired at Cost 290 units @ $13.60 - $ 3,944 Units Sold at Retail 260 units @ $43.60 500 units @ $18.60 = 9,300 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 430 units @ $43.60 490 units @ $23.60 = 11,564 470 units @ $43.60 190 units @ $28.60 - 1,470 units 5,434 $30, 242 1,160 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. 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 Required 2 Required