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Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It do Required information The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 260 units @ $12.40 = $ 3, 224 Units Sold at Retail 215 units @ $42.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 420 units @ $17.40 = 7, 308 380 units @ $42.40 460 units @ $22.40 = 10,304 425 units @ $42.40 160 units @ $27.40 = 4,384 1,300 units $25, 220 Totals 1,020 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods soid 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. ek my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com ms.meducation.com%252Fmghmiddlewa Required information anuary 1 260 @ IP 12.40 $ 3,224 00 anuary 10 215 $ 12 40 11 $ 2,666.00 45 12.40 $ 558 00 arch 14 420 @ $ 17.40 45 @ $ 558 00 $ 12.40 s 17.40 420 @ = 7,308.00 $ 7,866.00 arch 15 380 $4,712.00 45 @ $ 558.00 $ 12.40 $ 17.40 $ 12.40 $ 17.40 380 11 696.00 40 6,612.00 $ 11.324.00 $ 1,254.00 45 $ 558.00 $ aly 30 460 @ 22.40 40 s 12.40 $ 1740 $ 22.40 69600 460 10,30400 $11 558,00 s 1 of 5 Next > Required information 460 @ 22.40 10,304 00 $11,558 00 October 5 425 @ $5,270.00 12.40 12.40 $15376 12.40 $ 17 40 @ 0.00 17.40 e $ 17.40 302.75 2240 0.00 2240 $ 22.40 501.76 $ 958.28 $5,270.00 October 26 160 @ 45 > 27.40 @ $ 558.00 40 696.00 12.40 $ 17.40 s 22.40 $ 27.40 35 @ 78400 160 4384.00 $ 6,422.00 Totals 19.260.00 1 of 5 Next > X Answer is not complete. 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. Sales revenue Less: Cost of goods sold Gross margin FIFO: $ 43,248 18,148 $ 25,100 LIFO: $ 36,018 X 18.798 $ 17,220