naar Dad Datud Required information Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold Date Inventory Balance # of units Cost per Inventory ms unit Balance 300 @ $ 14.00 - $ 4.200.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date # of units unit Inventory Balance Cost per Inventory Balance @ $ 14.00 = $ 4,200.00 unit January 1 300 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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. 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