Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 285 units $18.2e = $ 2, e91 16 units@ $40.20 300 units $15.20 4,560 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 250 units @ $40.28 B.ese 375 units @ $40.28 480 units @ $20.20 185 units @ $25.20 1,18 units 2,646 $17,377 785 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 Date # of Cost # of units Cost Cost of Goods Cost Inventory units per unit sold per unit # of units Sold per unit Balance January 1 206 @ $ $ 10.20 = $2,091.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required Required 2 > Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 285 units $18.20 = $ 2, e91 Units Sold at Retail 16 units @ $40.29 388 units @ $15.20 = 4,560 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 258 units $40.28 480 units $20.20 8,888 375 units $40.28 185 units @ $25.20 1,010 units 2,646 $17,377 785 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 LIFO. Perpetual LIFO Goods Purchased Cost of Goods Sold Inventory Balance # of Cost Date # of units Cost Cost of Goods Cost Inventory units per unit # of units sold per unit Sold per unit Balance January 1 205 @ $ 10.20 = $ 2.091.00 January 10 March 14 March 15 July 30 October 5 October 28 Totals Required information Use the following Information for the Exercises below. [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 205 units 510.20 = $ 2,091 Jan. 10 Sales 160 units @ $40.28 Mar. 14 Purchase 380 units $15.20 4,560 Mar. 15 Sales 250 units $40.28 July 30 Purchase 489 units $20.20 8,080 Oct. 5 Sales 375 units @ $40.28 Oct. 26 Purchase 105 units $25.20 2,646 Totals 1,018 units $17,377 785 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 ***** Compute the gross margin margin for FIFO method and LIFO method. ... FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin