Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 280 units @ $13.20 = $ 3,696 Units Sold at Retail 240 units @ $43.20 460 units $18.20 = 8,372 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 410 units $43.20 480 units $23.20 11,136 450 units @ $43.20 180 units $28.20 1,400 units 5,076 $28,280 1,1ee 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per #of units Inventory unit Balance 280 5 13 20 - S 3.000.00 January January 10 www Perpetual FIFO Goods Purchased #of units unit Date Cost per Cost of Goods Sold of units Cost of Goods Sold unit Sold Cost per Inventory Balance # of units Cost per Inventory unit Balance 280 S 13.20 $ 3,000.00 January 1 January 10 March 14 March 15 July 30 October October 20