Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 135 units @ $11.40 = $ 1.539 285 units@$16.404,674 435 units@$21.409,309 635 units @ $26.406,764 Units Sold at Retail 25 units $41.40 175 units$41.40 265 units $41.40 Totals 1,490 units $32,286 565 units 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 #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit 13511.40 $1,539.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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 units Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units 13511.40$1,539.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Compute the gross margin for FIFO method. FIFO: Sales revenue Less: Cost of goods sold Gross margin Compute the gross margin for LIFO method. LIFO: Sales revenue Less Cost of goods sold Gross margin