2 1.57 points 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 Required at Cost Units sold at Retail Jan. 1 Beginning inventory 280 units $13.20 - $ 3,696 Jan. 10 Sales 240 units. $43.20 Mar. 14 Purchase 460 units $18.20 - 8,372 Mar. 15 Sales 410 units. 543.20 July 30 Purchase 480 units $23.20 - 11,136 Oct. 5 Sales 450 units $43.20 Oct. 26 Purchase 180 units $28.20 5,076 Totals 1.400 units $28,280 1.100 units 8 04:44:55 Skipped cBook Required: Hemming uses a perpetual inventory system. Hint 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 Print References 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 of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold Sold D. Inventory Balance Cost per Inventory # of units unit Balance 280 $ 13.20- $ 3.690.00 January 1 January 10 March 14 Saved Required information 2 Required 1 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 1.57 points Perpetual FIFO: 04457 Goods Purchased of Cont per units Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory. Balance Cost per Inventory #of units umit Balance 280 $13.20- $ 3,696.00 Skipped January 1 January 10 March 14 eBook Hint March 15 Print July 30 References October 5 October 26 Totals 5 0.00 Required information 2 Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 1.57 points Perpetual LIFO 04:43:43 Goods Purchased #of units unit Date Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units unit Balance 280 @ $ 13.20 $ 3,896.00 Skipped January 1 January 10 March 14 eBook March 15 Hint Print July 30 1o References October 5 October 26 Totals 0.00 Swed 2 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 Units Acquired at coat Unita Sold at Retail 280 units $13.20 - $ 3,696 240 units $43.20 460 units $18.20 - 8,372 410 units $43.20 480 units @ $23.20 - 11,136 450 units @ $43.20 180 unita e $28.20 - 5,076 1,400 units $28,280 1,100 units 04:43:32 loped 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. Book ent Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 erences Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin