4 ! Required information Part 1 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.) 0.76 Doints Hemming Co. reported the following current-year purchases and sales for its only product eBook 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 Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 5,250 300 units @ $40 450 units @ $20 = 9 , 430 units @ $40 100 units @ $25 = 2,500 1,180 units $18,750 880 units Det Hint Print Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 References 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 200 @ $10.00 = $2.000.00 January 1 January 10 March 14 March 15 July 30 OS 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. OK Required 1 Required 2 Required 3 Hint Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Print Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Cost per unit $ 10.00 Inventory Balance $2,000.00 Eferences January 1 200 @ January 10 March 14 March 15 July 30 October 5 October 26 Totals Required 2 > MC GE of 3 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. Book Required 1 Required 2 Required 3 Hint Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Print Perpetual LIFO: Goods Purchased Cost of Goods Sold eferences Date # of units Cost per unit # of units sold Cost per Cost of Goods Sold unit Inventory Balance Cost per Inventory # of units unit Balance 200 @ $ 10.00 = $2,000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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 Less: Cost of goods sold Gross margin