apter 5: Inventories and Cost of Sales 4 0 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 Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 215 units @ $10.60 $ 2,279 Jan. 10 Sales 180 units e $40.60 Mar. 14 Purchase 320 units $15.60 - 4,992 Mar.15 Sales 26 units $40.60 July3e Purchase 415 units $28.68 8,549 Oct. 5 Sales 4ee units $40.60 Oct 26 Purchase 115 units @ $25.60 2,944 Totals 1.665 units $18,764 840 units 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 Determine the costs wigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance of Cost of units Cost Cost of Goods Cost Sold of units per unit Inventory January 1 215 $10.00 - $ 2.279.00 January 10 150 225.000 50 $10.00 5 53000 March 14 350 sol $ 53000 per unit $10.00 5,250.00 S 53000 March 15 $10.00 - 5 0.00 0.00 5.250.00 80 F3 doo F4 F5 16 % & 1 2 3 4 5 6 7 8