displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 245 units @ $11.80 = $ 2,891 Units Sold at Retail 190 units e $41.80 6,552 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 390 units @ $16.80 - 445 units @ $21.80 - 350 units @ $41.80 9,701 430 units @ $41.80 145 units @ $26.80 1,225 units 3,886 $23,030 970 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. 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. 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 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units sold unit Cost per Cost of Goods unit Sold Cost per # of units Inventory Balance $ 2,891.00 January 1 unit $ 11.80 = 245 @ January 10 March 14 March 15 July 30 October 5 October 26 Totals Date POT units cost per unit # of units sold Uost per unit LOST OT Goods Sold # of units Lost per unit January 1 inventory Balance $ 2.891.00 245 @ $ 11.80 - January 10 March 14 + March 15 July 30 October 5 October 26 Totals