Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80 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 390 units @ $16.80 = 445 units @ $21.80 = 6,552 9,701 350 units @ $41.80 430 units @ $41.80 = 145 units @ $26.80 1,225 units 3,886 $23,030 970 units 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 # of units Cost per Cost of Goods sold unit Date Inventory Balance # of units Cost per Inventory unit Balance 245 @ $ 11.80 = $ 2,891.00 Sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 245 @ $ 11.80 = $ 2,891.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin