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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 Acquired at Cost 300 units @ $14.00 = $ 4,200 Units Sold at Retail 250 units @ $44.ee 520 units @ $19.00 9,880 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 460 units @ $44.00 500 units @ $24.00 12,000 480 units @ $44.00 200 units @ $29.00 1,520 units 5,800 $31,880 1,190 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. X Answer is not complete. Complete this questions by entering your answers in the below tabs. Required information Date # of units Cost per unit Cost per # of units sold unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 300 @ $ 14.00 $ 4,200.00 January 10 250 @ $ 44.00 $ 11,000.00 50 @ $ 14.00 = $ 700.00 March 14 520 @ $ 19.00 570 @ $ 14.00 = $ 7,980.00 @ $ 19.00 $ 7,980.00 March 15 460 @ $ 14.00 $ 6,440.00 1101 @ $ 14.00 = $ 1,540.00 @ $ 19.00 = 0.00 $ 6,440.00 S 1,540.00 July 30 500 @ $ 24,00 610 @ $ 14.00 S 8,540.00 @ $ 24.00 $ 8,540.00 130 October 5 480 $ 24.00 0.00 $ 24.00 @ = 330 200 @ $ 29.00 October 26 @ $ 24.00 @ $29.00 $ 17,440.00 Totals Required Required 2 > Required information Date Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold January 1 Inventory Balance Cost per Inventory # of units unit Balance 300 @ $ 14.00 $ 4,200.00 January 10 March 14 March 15 July 30 October 5 October 26 $ 0.00 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