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 285 units @ $13.40 - $ 3,819 Jan. 10 Sales 250 units @ $43.42 470 units @ $18.40 = 8,648 Mar. 15 Sales 4ee units $43.40 July 3e Purchase 485 units @ $23.40 11,349 Oct. 5 Sales 46 units @ $43.40 Oct. 26 Purchase 185 units @ $28.40 5,254 Totals 1,425 units $29,070 1,110 units Mar. 14 Purchase Required Hemming uses a perpetual Inventory system 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. ? Datormine the corte accinnat online inventant and cachofan de online 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 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 Date Cost per # of units Cost per cost of Goods Inventory # of units units sold Sold unit Balance January 1 285 $ 13.40 - $ 3.819.00 Cost per ann Prev 1 of 1 NE Next Perpetual FIFO: Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 285 $ 13.40 = $ 3.819.00 January 1 January 10 March 14 March 15 July 30 Required information July 30 October 5 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 Cost of Goods Sold Inventory Balance Date # of # of units Cost per Cost of Goods Cost per # of units Inventory units unit sold unit Sold unit Balance January 1 285 @ $ 13.40 = $ 3,819.00 January 10 March 14 Cost per March 15 Prav Next July 30 October 5 October 26 Totals S 0.00 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO Sales revenue Less: Cost of goods sold Gross margin