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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 Sold at Retail 150 units @ $41.00 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost 225 units @ $11.00 - $ 2,475 340 units e $16.00 - 5,440 425 units & $21.00 - 8,925 125 units e $26.00 - 3,250 1,115 units $20,090 300 units @ $41.00 395 units @ $41.00 845 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to endirig 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 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 225 $ 11.00 $ 2.475.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased of Cost per units unit Date Cost of Goods Sold of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory #of units unit Balance 225 $ 11.00 S 2.475.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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

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