3 ats Required information Use the following information for the Exercises below. 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 chita Aequired at Cont Units Sold at Retail Jan. 1 Beginning inventory 205 units $10.20 - $ 2,091 Jan. 10 Sales 160 units $40.20 Mar. 14 Purchase 300 units $15.20 - 4,560 Mar. 15 Sales 250 units $40.20 July 30 Purchase 400 units $20.20 - 1,080 Oct. 5 Sales 375 units $40.20 Oct. 26 Purchase 105 units. $25.20 - 2,646 Total 1,010 units $17,377 785 units Book Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses 8 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 UFO 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 # of Cost per # of units Date Cost per Cost of Goods Cost per Inventory # of units units unit sold unit Sold unit Balance January 1 205 $ 10.20 - $ 2,091.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required 2 > Termine wernere Accennan manninntry ann in One Yenin In Required information B. 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 LIFO. Perpetual LIFO K Goods Purchased # of units unit Cont of Goods Sold #of units Cost of Goods sold Sold Date Cost per Cost per unit Inventory Balance Cost per Inventory # of units unit Balance 205 $ 10.20 - $ 2.091.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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 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 Loss: Cost of goods sold Gross margin