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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. 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 240 units $11602784 370 units $16.60 6,142 440 units $21.609,504 140 units $26.603724 Units Sold at Retail 80 units $4160 330 units $4160 415 units$4160 Totals 1190 units 22154 925 units 1. Award: 10.00 points 1. d: 10.00 points 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 Cost of Goods Sold Inventory Balance #of cost per) #ofunits sold cost per Cost of Goods Sold | #ot units unit Cost per Inventory Date 240 11.60 2.784.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 LIFO. Perpetual LIFO Cost per! #Of units sold Cost per unit Cost of Goods Sold #of units Cost per Inventory Date January 1 240 $ 11.60 $ 2,784.00 March 14 March 15 July 30 October 5 October 26 Totals s 0.00 Required Required 3 Complete this questions by entering your answers in the below tabs. Required1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FO Sales revenue Less: Cost of goods sold Gross margin