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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. Units Acquired at Cost 280 units @ $13.20 - $ 3, 696 Units sold at Retail 240 units @ $43.20 460 units @ $18.20 - 8,372 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 410 units @ $43.20 480 units @ $23.20 - 11,136 450 units @ $43.20 180 units @ $28.20 - 1,400 units 5,076 $28,280 1,100 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. 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 Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance # of units Cost per Inventory unit Balance 280 @ $13.20 = $ 3,696.00 units January 1 January 10 March 14 March 15 July 30