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

Requieu UMTALIUI [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 430 units @ $17.60 = 7,568 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 225 units @ $42.60 370 units @ $42.60 465 units @ $22.60 = 10,599 440 units @ $42.60 = 165 units @ $27.60 1,325 units 4,554 $25,970 1,035 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. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold Date Inventory Balance # of units Cost per Inventory unit Balance 265 @ $ 12.60 = $ 3,339.00 unit Sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods | ds sold unit Sold Date Inventory Balance #of units Cost per Cost per Inventory unit Balance 265 @ $ 12.60 = $ 3,339.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin