Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 280 units $10 = $ 2.0 Units Sold at Retail 150 units 350 units 540 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 $15 5,25e 300 units units S40 @ $20 3,eee 450 units 540 units 10 units $25 2.50 518,750 880 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 per units mit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Data Inventory Balance Cost of units per Inventory Balance 200 3 e 10.00 2.000.00 15 50 le 10 00 $ 500.00 January 150 January 10 $ 1.500.00 10.00 8888 3 500.00 March 14 350 e 10.00 1500 350@ 5.250.00 15.00 5 5.750.00 D 5 10.00 March 15 $ 500.00 $750.00 10.00 5 15.00 250 e 100 15 00 1 500.00 5 1.500.00 54.25000 Perpetual FIFO Date Goods Purchased Cost units per unit of Cost of Goods Sold of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost of units per Inventory unit Balance 200 5 10.00 2.000.00 January 1 @ January 10 150 @ 10.00 - $1.500,00 50 le 10.00 S 500.00 March 14 350 1500 500 $ 500.00 $ 10.00 $ 15.00 350 . 5.250.00 $ 5.750.00 March 15 500 10.00 $ 500.00 . 10.00 2500 15.00 2.750.00 100 S 1500 s 1.500.00 $ 1.500.00 $4,250.00 July 30 450 20.00 450 16 10.00 5 15.00 6,760.00 20.00 0.780.00 October 5 430 31 5 15.00 15.00 De 0.450.00 0.00 50.450.00 00 2000 20.00 October 20 Totals 12.200.00 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 units per unit Cost of Goods Sold of units Cost Cost of Goods per Sold unit of units Inventory Balance Cost Inventory per Balance unit 5 $ 2.000.00 10 DO Date sold 200 @ January 1 January 10 March 14 March 15 Jauly 30 @ $40 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 Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units $10 $ 2,000 Jan. 10 Sales 158 units Mar. 14 Purchase 350 units $15 Mar. 15 Sales 300 units 540 July 30 Purchase 450 units 5.20 9,000 Oct. 5 Sales 430 units Oct. 26 Purchase $25 2.500 Totals 1.100 units $18,750 888 units 5,25 $40 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Compute the gross margin for FIFO method and LIFO method. FIFO LIFO Sales revenue Less Cost of goods sold Gross marge