Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 255 units @ $12.20 = $ 3, 111 Units Sold at Retail 210 units @ $42.20 410 units @ $17.20 = 7,052 Date Activities Jan. 1 Beginning inventory Jan.18 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 350 units @ $42.28 455 units @ $22.20 - 10, 101 430 units @ $42.20 155 units @ $27.20 - 4,216 1,275 units $24,480 998 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 Cost of Goods Sold Inventory Balance Prev 1 2 3 of 8 Next >