Hemming Co. reported the following current-year purchases and sales data for its only product Activities Units Acquired ot CostUnits Sold at Retail ate Jan. 1 Beginning inventory an. 10 Sales Mor. 14 Purchase Mar. 15 Sales July 30 Purchase Oct 5 Sales Oct. 26 Purchase 200 units$10$2.000 350 units @$15 # 5.250 450 units $209,000 100 units @ $25 # 2.500 150 units @$40 300 units@$40 430 units @$40 Totals 1,100 units $18,750880 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold of units sold ost of Goods Sold Inventory Balance Cost per | Cost per | C | #Of units units |cost,per! unit January 1 January 10 March 14 200$ 10.00$2.000.00 50$10.00 $ 500.00 50! @l s 10.00!=| $ 500 00 350 15.005,250.00 $5,750.00 150 @ s 10.00! = ! $1.500.00 350 15.00 50 350 $ 15.00 10.00S 500.00 5,250.00 $ 5,750.00 @ | $ 10.00! 15.0o March 15 July 30 October 5 October 26 Totais 7 250.00 Compute the gross margin for FIFO method. Sales revenue Less: Cost of goods sold Gross margin Compute the gross margin for LIFO method LIFO Sales revenue Less: Cost of goods sold Gross margin