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 225 units @ $11.ee = $ 2,475 Jan. 18 Sales 150 units @ $41.00 Mar. 14 Purchase 340 units $16.00 5,440 Mar. 15 Sales 380 units @ $41.89 July 30 Purchase 425 units @ $21.ee 8,925 Oct. 5 Sales 395 units @ $41.89 Oct. 26 Purchase 125 units @ $26.80 3,250 Totals 1,115 units $20,90 845 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost Date # of units Cost Cost of Goods Cost Inventory units # of units sold per unit Sold per unit Balance January 1 225 $ 11.00 = $ 2.475.00 January 10 per unit March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 Cost of Goods Sold Inventory Balance Date # of Cost # of units Cost Cost of Goods Cost Inventory units # of units sold Sold per unit Balance January 1 225 $ 11.00 = $ 2.475.00 January 10 per unit per unit March 14 March 15 July 30 October 5 October 28 Totals 0.00 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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