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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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40 = $ 3, 224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420 units @ $17.40 = 7, 308 Mar.15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 = 10, 304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase 160 units @ $27.40 = 4,384 Totals 1,300 units $25, 220 1,020 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 information 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 Inventory Balance Cost per # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per unit # of units unit Inventory Balance $ 3,224.00 January 1 260 @ $ 12.40 = January 10 March 14 March 15 July 30 . Required information March 15 July 30 October 5 October 26 Totals $ 0.00 Required: Required 2 > Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Inventory Balance Goods Purchased W of Cost per units unit Cost of Goods Sold # of units Cost per cost of Goods sold unit Sold Date # of units Cost per unit $ 12.40 = Inventory Balance $ 3,224.00 January 1 260 @ January 10 March 14 March 15 July 30 05 Pre-Built Problems Saved Required information March 15 July 30 October 5 October 26 Totals $ 0.00 Saved 05 Pre-Built Problems 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 Compute the gross margin for FIFO method and LIFO method. ******** FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin