Hemming Co. reported the following current-year purchases and sales for its only product.

Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 300 units @ $14.00 = $ 4,200 250 units @ $44.00 520 units @ $19.00 = 9,880 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 460 units @ $44.00 500 units @ $24.00 = 12,000 480 units @ $44.00 200 units @ $29.00 = 5,800 1,520 units $31,880 1,190 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. 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 units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory # of units Balance 300 @ $ 14.00 - $ 4,200.00 per unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 # of Cost units Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory # of units per unit Balance 300 @ S 14.00 = $ 4,200.00 per unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 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