Date 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. Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 - $ 2,576 Jan. 10 Sales 160 units e $41.20 Mar.14 Purchase 350 units $16.20 - 5,670 Mar.15 Sales 320 units @ $41.20 July 30 Purchase 430 units $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20 Oct. 26 Purchase 130 units e $26.20 - 3,406 Totals 1,140 units $ 20,768 880 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. 12 Required 1 Required 2 Required 3 ped 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 Date # of units Cost per Cost of Goods Cost per units Inventory # of units unit sold Sold unit Balance January 1 230 $ 11.20 - $ 2.576.00 January 10 March 14 Cost per ook unit Hint rences March 15 July 30 July 30 oped Book October 5 Print erences October 26 Totals 0.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 230 $ 11.20 - $ 2,576.00 Date January 1 January 10 March 14 Tences March 15 July 30 Print October 5 eferences October 26 Totals $ 0.00 Skipped Required 1 Required 2 Required 3 eBook Hint Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Print References