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 225 units @ $11.00 - $ 2,475 150 units & $41.00 Mar.14 Purchase 340 units e $16.00 - 5,440 Mar.15 Sales 300 units @ $41.00 July 30 Purchase 425 units @ $21.00 8,925 Oct. 5 Sales 395 units e $41.00 Oct.26 Purchase 125 units $26.00 3,250 Totals 1,115 units $20,090 845 units Jan.10 Sales 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. Goods Purchased # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Cost per Inventory Balance # of units Inventory unit Balance 225 @ $ 11.00 = $ 2,475.00 January 1 January 10 150 @ $ 41.00 $ 6,150.00 $ 825.00 March 14 340) @ $ 16.00 75 @ $ 11.00 = 75 @ $ 11.00 = 340 @ $ 16.00 = $ 825.00 5,440.00 $ 6,265.00 March 15 $ 300 @ $ 11.00 $ 16.00 115 @ $ 11.00 = 1.265.00 . $ 3,300.00 0.00 $ 3,300.00 $ 1,265.00 July 30 425 @ $ 21.00 $ 11.00 @ @ $ 21.00 October 5 October 26 125 $26.00 $26.00 Totals $ 9,450.00 Required Required 2 > Perpetual LIFO Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance 225 @ $ 11.00 = $ 2,475.00 Date January 1 January 10 March 14 March 15 July 30 October 5 October 5 October 26 Totals 0.00 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin