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[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 200 units @ $10 = $2,000 150 units @ $40 350 units @ $15 = 5,250 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 300 units @ $40 450 units @ $20 = 9,000 430 units a $40 100 units @ $25 = 2,500 Totals 1,100 units $18,750 880 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: Inventory Balance Goods Purchased # of Cost per units unit I Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date # of units 200 @ Cost per Inventory unit Balance $ 10.00 = $2,000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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