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 235 units $11.40 + $ 2,679 Jan. 10 Sales 170 units @ $41.40 Mar. 14 Purchase 360 units & $16.40 - 5,904 Mar. 15 Sales 290 units @ $41.40 July 30 Purchase 435 units $21.40 - 9,309 Oct. 5 Sales 410 units e $41.40 Oct. 26 Purchase 135 units @ $26.40 - 3,564 Totals 1.165 units $21,456 870 unita 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 ces Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: Goods Purchased # of Coat per Cost of Goods Sold of units Cost per Cost of Goods Inventory Balance Cost per Inventory Wint