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 Aequired at cost Units Sold at Retail Jan. 1 Beginning inventory 285 units @ $13.40 - $ 3,819 Jan. 10 Sales 250 units $43.40 Mar. 14 Purchase 470 units @ $18.40 = 8,648 Mar.15 Sales 400 units @ $43.40 July 30 Purchase 485 units @ $23.40 - 11,349 Oct. 5 Sales 460 units @ $43.40 Oct. 26 Purchase 185 units e $28.40 5,254 Totals 1,425 units $29,070 1,110 units uses a perpetual inventory system. ne the costs assigned to ending inventory and to cost of goods sold using FIFO. ine the costs assigned to ending inventory and to cost of goods sold using LIFO. e the gross margin for FIFO method and LIFO method. ce this questions by entering your answers in the below tabs. 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 285 @ $13.40 = $ 3,819.00 January 1 January 10 March 14 MacBook Pro Perpetual.EIEO Good Purchased Cont per Cost of Goods Sold of unit Cost per Coat of Goods mold Date Inventory Balance Cost per Inventory of us unt Balance 285 $13.40 $ 3.819.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Rogo Required 2 > Determine the costs assigned to ending inventory and to cost of goods sold Using UFO Perpetual LIFO: Goods Purchased . Coat per Gont of Goods Sold of units Cost per Cost of Goods sola Bold Date Inventory Balance cont per of units Inventory Balance 285 g $13.40 - $ 3.810.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 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