$ 2,376.00 Required information Use the following information for the Exercises below. [The following information applies to the quations displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. k ces Hint rlnt rences January I January 10 March 14 March 15 July 30 October 5 October 26 Totals 330 420 120 190 $ 15.80 $ 20.80 $ 25.80 .80 Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 2 6 Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Acqufred 220 units e $10. 80-$ 2,376 190 units@ $40.80 330 unitse $15.80- 5,214 280 unitse $40.80 420 unitse $20.80* 8,736 39Cunits@ $40. go 120 units@ $25.80* 3,096 $ 19, 422 860 units 1 , 090 units 2,052.00 2,052.00 1 of 1 of 220 @ Next $10.80 = $ 10.80 = $ 10.80 $ 15.80 $ 20.80 $ 25.80 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual invento 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. Required information ase ost of Goods SOI ance Date January I January 10 March 14 March 15 July 30 October 5 October 26 Totals # of Cost per # of units Cost per Cost of Goods Cost per Inventory # of units 220 @ $10.80 = s 2,376.00 Required Information 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 irhthe below tabs. Required I Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. UFO: Sales revenue Less: Cost of goods sold Gross margin < Required 2 -Reqited s 0.00 I of 1 Next