perpetual inventory costing methods fifo and lifo

Saved 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. Units Aequired at Cost 215 units @ $10.60 $2,279 Units Sold at Retail 180 units $40.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 260 units $40.60 8,549 320 units $15.60 415 units $20.60 115 units @ $25.60 - 1,065 units 400 units $40.60 2,964 $18,764 840 units ces 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 Required 2 Required 3 naturmine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 1.66 points Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 eBook Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO Hint 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 215 $10,60 - $ 2,279.00 Print January 1 January 10 March 14 References March 15 July 30 October 5 October 26 $ 0.00 Totals 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