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[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 225 units @ $11.00 - $ 2,475 Units Sold at Retail 150 units @ $41.00 340 units @ $16.00 5,440 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 300 units @ $41.00 425 units @ $21.00 8,925 395 units @ $41.00 125 units @ $26.00 1,115 units 3,250 $20,090 845 units 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. 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. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold + Date Cost per 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 Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold Goods Purchased 3 of Cost per units unit Date #of units sold Cost per unit Cost of Goods Sold Inventory Balance # of units Cost per Inventory unit Balance 225 @ $ 11.00 = $ 2,475.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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