Determine the costs assigned to ending and cost of goods sold using FIFO Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Compute the gross margin for FIFO method and LIFO method.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 225 units @ $11.00 = $ 2,475 Units Sold at Retail 150 units @ $41.ee 340 units @ $16.00 = 5,440 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 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.ee = 125 units @ $26.00 1,115 units 3,250 $20,090 845 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required information Date units unit sold unit Sold # of units 225 @ January 1 unit $ 11.00 = January 10 (150) @ $ 11.00 - $ (1,650.00 March 14 Balance $ 2,475.00 $ 825.00 $ 825.00 5,440.00 $ 6,265.00 340 @ 75 @ 75 @ 340 @ $ 16.00 $ 11.00 = $ 11.00 - $ 16.00 = March 15 75 @ 225 @ $ 11.00 $ 16.00 - = $ 825.00 3,600.00 s 4.425.00 @ @ $ 11.00 = $ 16.00 = July 30 425 @ $ 21.00 @ @ @ $ 11.00 $ 16.00 $ 21.00 = 8,925.00 8,925.00 $ Chec Required information July 30 425 @ $ 21.00 @ @ @ $ 11.00 $ 16.00 $ 21.00 = 425 8,925.00 8,925.00 $ October 5 $ 0.00 @ @ @ $ 11.00 $ 16.00 $ 21.00 - = - @ @ @ $ 11.00 $ 16.00 $ 21.00 hces October 26 | @ $26.00 @ @ @ @ $ 11.00 $ 16.00 $ 21.00 $26.00 = 3.250.00 3,250.00 $ 2.775.00 $ Totals Draw 1 of 1 Next > Required information Perpetual Lir: 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 225 @ $ 11.00 = $ 2,475.00 January 1 January 10 March 14 March 15 July 30 Required information July 30 October 5 October 26 Totals 0.00 Complete this questions by entering your answers in the below 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