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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. Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase inventory 200 units 2,000 $10 150 units $40 350 unitsc5, 250 $15 300 units $40 450 units $20 9, 000 = 430 units $40 $25 Totals 1,100 units $18,750 880 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: #of units cost per! unit #Of units sold Cost per unit Cost of Goods Sold # of units Cost per Inventory Date unit