Check Hemming Co. reported the following current-year purchases and sales for its only product Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct.5 Sales Oct.26 Purchase Units Acquired at Cost Units sold at Retail 260 units $12.40 3,224 420units @ $17.40 7.308 460 units @ $22.40 = 10,304 215 units $42.40 380 units $42.40 425 units $42.40 160 units $27.40 -4,384 1,300 units Totals $25,220 1,020 units Required Hemming uses a perpetual inventory system. etermine 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 1. D Complete this questions by entering your answers in the below tabs. Required 1Required 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 perl # of units sold | Cost per | Cost of Goods Date Cost per 260$12.40 # of units Inventory Bal unit Sold January 1 3,22400 January 10 K Prev 3 of 4E Next >