1 Required Information Use the following information for the Exercises below. The following information applies to the questions displayed below] 12 points Hemming Co. reported the following current-year purchases and sales for its only product eBook Activities Units Acquired at Cost 265 units $12.60 Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase - $ 3,339 225 units $42.60 430 units $17.60 7,568 Hint Mar.15 Sales 37e units $42.60 July 38 Purchase Oct. 5 Sales Oct. 26 Purchase 465 units $22.68 18, se9 440 units $42.68 165 units $27.60 4,554 Ack Totals 1, 325 units $25,970 1,e35 units References 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 c0st 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. Required information Perpetual FIFO 12 Goods Purchased Inventory aance Cost per Cost of Goods Sold points #of units Cost per unit Cost per unit nventory Balance # of units Cost of Goods Sold Date #of units sold unit January 1 265 $12.60 S 3,339.00 eBook January 10 20 $ 13.80 s 3,536.00 30@ S 12.60 378.00 March 14 500@ S 18.60 $12.60 S18.80 Hint March 15 Ask References July 30 October 5 October 26 Totals S 3,536.00 Perpetual LIFO Goods Purchased Cost of Goods Sold Cost per 12 Iventory Baanc points of nits Cost per I ory #of units Cost per Cost of Goods Sold Date #of units unit sold unit unit Balance January 1 285 $ 12.60 $ 3,330.00 January 10 eBook March 14 Hint March 15 Ask July 30 References October 5 October 26 0.00 Totals