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0 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 Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10 -$2,000 Jan. 10 Sales 150 units $40 Mar. 14 Purchase 350 units @ $15 5,250 Mar. 15 Sales 389 units $40 July 30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 100 units 2,500 Totals 1,100 units $18,750 880 units - @ $25 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required information 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 of Goods unit Sold Date Cost per Inventory Balance Inventory Cost per #of units Balance 200 @ $ 1000 $ 2,000.00 sold unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 2 > 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 Cost of Goods Sold Inventory Balance of Date #of units Cost per Cost of Goods Inventory # of units units unit sold unit Sold unit Balance January 1 200 @ $ 10.00 2.000.00 January 10 March 14 Cost per Cost per March 15 July 30 October 5 October 26 Totals 3 000 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 question by entering your answers in the tabs below. 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