Chec ate Activities Units Acquired at Cost units Sold at Retail an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 270 units 12.80$ 3,456 400 units @ $17.8e 7. 120 470 units @ $22.8e 1e.716 170 units @ $27.80 4726- 220 units$42.8 340 units $42.88 448 units $42.88 of 2 Totals 1,310 units $26,0181,000 units Exercise 5-7 Perpetual: Inventory costing methods FIFO and LIFO LO P1 Required Hemming uses a perpetual inventory system. nces 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