Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 220 units @ $10.80 - $ 2,376 Units Sold at Retail Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 330 units @ $15.80 - 420 units @ $20.80 - 120 units e $25.80 - 1,090 units 5,214 8,736 3,096 $19,422 190 units @ $40.80 280 units e $40.80 390 units $40.80 860 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 1 Required 2 Required 3 Ncquc requU2 RequCUJ Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 220 @ $ 10.80 - $ 2,376.00 January 1 January 10 March 14 1 March 15 | July 30 October 5 October 5 October 26 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold Z Inventory Balance i de Cost per Inventory unit Balance 220 @ $ 10.80 - $ 2,376.00 unit Sold January 1 January 10 March 14 March 15 L October 5 October 5 October 26 Totals 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