Required information -2 [The followme formation applies to the questions displayed below) Hemming Co. reported the following current year purchases and sales for its only product tinits Acquired at cost 390 units @ $13.28 $3,696 Units sold at Retail 2.0 units $13.20 450 units $18.20 3,372 Date Activities Jan 1 Beginning inventory Tam 10 Sales Mar 10 Purchase Mar 15 Sale July 30 Purchase Det: 5 Sale Oct. 26 Purchase Totals 410 units @ $43.20 10 units $23.20 - 11,138 150 units @ $43.20 180 units $28.20 1.000 units 5,076 528,28 1,100 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 Complete this questions by entering your answers in the below tabs. 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 Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Date Cost per Inventory Inventory Balance # of units Cost per unit Balance $ 13,20 = 5 3,696.00 January 1 280 @ January 10 March 14 March 15 July 30 October Chalater 26 Totals Required 2 > 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 Onits Acquired it cost units $13.20 $ 3,698 Untes Sold Metall 460 units 511.20 240 units $43.20 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Har 1 Purchase Mar. 15 Sales Julyo Purchase act. s sales Oct. 26 Purchase Totals 3,372 an units $23.20 - 11,136 410 units $43.2 450 units 543.20 150 units 525.20 1,400 units - 5,076 328,780 1.100 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 UFO method Complete this questions by entering your answers in the below tabs. Required Required Required Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual UFO Goods Purchased #ol Cost per units unit Date Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 280 @ 513 20 = 5 3 696.00 January 1 January 10 March 14 March 15 July 30 October 5 October Total U ! 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 Units Acquired at Cost 280 units @ $13.20 - 53,696 460 units $18.20 B,372 240 units @ $43.20 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales oct. 26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 11,136 450 units $43.20 180 units 328.20 1,400 units 5,076 $28,280 1,100 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFethod and LIFO method. FIFO: LIFO: Sales revenue Less Cost of goods sold Gross margin