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[The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 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 225 units @ $11.00 - $ 2,475 340 units @ $16.00 5,440 425 units @ $21.00 8,925 150 units @ $41.00 300 units @ $41.00 395 units @ $41.ee 125 units @ $26.00 1,115 units 3.250 $20,890 845 units 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. Required information Perpetual FIFO: Goods Purchased #of Date units unit January 1 Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Inventory Balance Inventory # of units unit Balance $ 11.00 = $ 2,475 225 @ 150 @ $ 41.00 $ 6,150.00 January 10 March 14 75 @ $ 11.00 = $ 825 340 @ 5 16.00 S 8250 75 @ $ 11.00 = 340 @ 5 16.00 = 5.440.00 $ 6.265 00 March 15 75 11 $ $ $ 11.00 $ 16.00 825.00 225 @ 825.00 3.600.00 $ 4425,00 75 @ $ 11.00 = 115 @ $ 16.00 - $ 1.840.00 $ 2,665.00 July 30 425 $ 2100 1151 @ 115 $ 1100 = $ 16.00 = 52100 = $ 1.265.00 1,840.00 8.925.00 425 $ 12.030.00 October 5 115 @ 2801 $ 11.00 = $ 16.00 = $ 21.00 $ 1.265.00 4.480.00 0.00 $ 5.745.00 @ $ 11.00 $ 16.00 $ 21.00 @ @ October 26 125 $26.00 145 $ 11 00 $ 16.00 $ 21.00 $26.00 el Totals @ $ 16,320.00 Required 2 Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods soid unit Sold Cost per Date Inventory Balance Inventory # of units unit Balance 225 @ $ 11.00 = $ 2.475.00 Cost per January 1 January 10 March 14 150 @ 340 $ 16:00 @ $ 16.00 March 15 July 30 October 5 October 26 Totals $ 0.00 FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin