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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 225 units @ $11.00 = $ 2,475 340 units @ $16.00 - 5,440 150 units @ $41.00 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 300 units @ $41.00 425 units @ $21.00 - 8,925 125 units @ $26.00 3,250 1,115 units $20,090 395 units @ $41.00 845 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 units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Date Inventory Balance # of units Inventory unit Balance $ 1100 = $ 2,475.00 225 January 1 January 10 150 @ $ 11,00 $ 1.650.00 $ 11,00 = March 14 340 @ $ 16.00 @ $ 11,00 @ $ 16.00 March 15 July 30 October 5 October 26 Totals $ 1.650.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual UFO: Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost of Goods sold Sold Cost per unit January 1 January 10 March 14 Inventory Balance Cost per Inventory # of units unit Balance 225 $11.00 = $ 2.475.00 March 15 July 30 October 5 October 26 Total 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