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Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 290 units @ $13.60 = $ 3,944 Units

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Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 290 units @ $13.60 = $ 3,944 Units Sold at Retail 260 units @ $43.60 500 units @ $18.60 = 9,300 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 430 units @ $43.60 490 units @ $23.60 = 11,564 470 units @ $43.60 190 units @ $28.60 = 1,470 units 5,434 $30, 242 1,160 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. Required information 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 # of Cost per units unit Cost of Goods Sold Cost Cost of Goods Sold # of units sold Inventory Balance Cost Inventory per Balance unit Date # of units unit $ 3,944.00 January 1 January 10 March 14 290 30 @ @ 3.60 3.60 260 @ 3.60 - $3,536.00 - $408.00 500 @ 18.60 - $ 408.00 SU 500 13.60 @1860 9,300.00 $ 9.708.00 March 15 13.60 100 @ 30 500 @ @ 13.60 $ 408.00 9,300.00 $9.708.00 100G 18.60 18,60 $ 1,800.00 $ 1,860.00 July 30 490 $ 23.60 @ 13.60 S 18.60 1.800.00 100 490 @ 11.564.00 23.60 $13,424.00 October 5 13.60 $ 0.00 13.60 100G 1,860.00 1860 0 o 120 @ @ @ 18.60 490 23.60 11.564.00 23.60 2,832.00 $ 2.832.00 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 Inventory Balance Cost Cost of Goods Sold # of units Cost Cost of Goods sold per Sold unit # of units Date # of units per unit Cost per unit Inventory Balance January 1 290 @ 18.60 - - $ 3,944.00 $ 408.00 January 10 260 @ 60 - $3,536.00 March 14 13.80 13.60 500 @ 30 30 500 18.60 @ @ @ $ 408.00 18.60 9.300.00 $ 9.708.00 March 15 30 $ 408.00 30 @ $ 13.60 13.00 530 @ 18.60 9,858.00 400 @ 18.60 $408.00 7,440.00 97,848.00 10,266.00 July 30 October 5 Complete this question by entering your answers in the tabs below. Required 1. Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. O FIFO LIFO Sales revenue Less: Cost of goods sold Gross margin

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