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! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reprted 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 280 units @ $13.20 - $ 3,696 Jan. 10 Sales 240 units @ $43.20 Mar.14 Purchase 460 units @ $18.20 - 8,372 Mar.15 Sales 410 units @ $43.20 July30 Purchase 480 units @ $23.20 - 11,136 Oct. 5 Sales 450 units @ $43.20 Oct. 26 Purchase 180 units @ $28.20 5,076 1,400 units $28,280 1,100 units Totals Exercise 6-7 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. Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Dato Inventory Balanco Cost per Inventory # of units unit Balance 280 @ $ 13.20 - $ 3,696.00 January 1 January 10 March 14 4601 $18.20 $18.20 March 15 July 30 480 $ 23,20 $ 23.20 October 5 0 0 October 26 180 @ $28.20 $28.20 Totals $ 0.00