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

Chap 6 Connect Exercises & Problems i Saved 3 Required information (The following information applies to the questions displayed below.) 1 points Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 230 units @ $11.20 = $ 2,576 eBook 160 units @ $41.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 350 units @ $16.20 5,670 320 units @ $41.20 TOT Hint 430 units @ $21.20 9,116 400 units @ $41.20 130 units @ $26.20 1,140 units 3,406 $20,768 Totals 880 units Print References 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units Balance 230 @ $ 11.20 $ 2,576.00 unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Complete this questions by entering your answers in the below tabs. 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