Hemming Co. reported the following current year purchases and sales for its only product.

1. Determine the cost 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 (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 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Units Acquired at Cost Units Sold at Retail 275 units @ $13.00 - $ 3,575 230 units @ $43.00 450 units @ $18.00 - 8,100 400 units @ $43.00 475 units @ $23.00 - 10,925 455 units @ $43.00 175 units @ $28.00 - 4,900 1,375 units $27,500 1,085 its Totals 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 Required information Perpetual FIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance 275 @ $ 13.00 - $ 3,575.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00 Required information Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 275 @ $ 13.00 = $ 3,575.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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