m. 1.66 points Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. 01:53:59 Date Activities Units Sold at Retail Units Acquired at Cost @ 270 units =$ 3,456 $12.80 eBook Beginning Jan. 1 inventory Jan. 10 Sales @ 220 units $42.80 Hint Mar. 14 Purchase @ 400 units $17.80 = 7,120 @ Mar.15 Sales 340 units $42.80 Print July 30 Purchase @ 470 units $22.80 10,716 Oct. 5 Sales @ 440 units $42.80 References @ Oct. 26 Purchase 4,726 170 units $ 27.80 1,310 units Totals $ 26,018 1,000 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 1.66 points Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 01:53:54 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 # of units Inventory per unit Balance 270 @ $12.80 = $ 3,456.00 eBook January 1 January 10 Hint March 14 Print March 15 References July 30 October 5 October 26 Totals Required 1 Required 2 > eBook Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Hint Required: Hemming uses a perpetual inventory system. Print 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. References 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