1.determine the cost assigned to ending inventory and to cost of goods sold usinf FIFO

2. Deterimine the cost 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 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 Activities Units Acquired at Cost Date Beginhing Jan. 1 inventory 290 units@ $13.60 $3,944 260 units@ $43.60 Jan.10 Sales Mar.14 Purchase Mar.15 Sales Joly30 Purchase Oct. 5 Sales Oct.26 Purchase 500 units@ $18.60 9,300 430 units@ $43.60 490 units@ $23.60 11,564 470 units@ $43.60 190 units@ $28.60 5,434 $30,242 1,160 units 1,470 units Totals Pre-Built Assignments Saved Required information Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per Cost of Goods Sold Cost per unit # of units sold Cost per unit Inventory Balance Date # of units unit January 1 290@ $13 60 3,944.00 January 10 March 14 es March 15 July 30 Prev L e Required information Complete this questions by entering your answers in the below tabs. Required 3 Required 2 Required 1 Compute the gross margin for FIFO method and LIFO method FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Required 2