10 Required information [The following information applies to the questions displayed below.) Part 1 of 2 Hemming Co. reported the following current-year purchases and sales for its only product. 8.33 points Units Sold at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 units @ $42.20 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 410 units @ $17.20 455 units @ $22.20 = = 7,052 10,101 350 units @ $42.20 eBook 430 units @ $42.20 = 155 units @ $27.20 1,275 units 4,216 $24,480 990 units Hint Print Required: Hemming uses a perpetual inventory system. References 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. Perpetual FIFO: Date Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold January 1 January 10 210 @ $ 12.20 = $ 2,562.00 Inventory Balance # of unite Cost per Inventory unit Balance 255 @ $ 12.20 = $ 3,111.00 45 @ $ 12.20 = $ 549.00 60 @ $ 12.20 = $ 732.00 4101 @ $ 17.20 = 7,052.00 $ 7,784.00 @ March 14 410 @ $17.20 March 15 $ @ @ $ 12.20 = $ 17.20 = 0.00 0.00 July 30 October 5 October 26 Totals $ 2,562.00 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 255 @ $ 12.20 = $ 3,111.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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