! 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 235 units @ $11.40 $ 2,679 Units Sold at Retail 170 units @ $41.40 360 units @ $16.40 5,994 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 290 units @ $41.40 435 units @ $21.40 - 9,309 410 units @ $41.40 135 units @ $26.40 1,165 units 3,564 $23,456 870 units Required Hemming uses a perpetual inventory system es 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 information Perpetual FIFO: Goods Purchased Cost of Goods Sold #of Cost per # of units Cost of Goods units unit sold unit Sold Date Cost per Inventory Balance Cost per # of units Inventory unit Balance 235 @ $ 11,40 = $ 2,679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 5 0.00 Totals 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 #of units unit Date Cost per Cost of Goods Sold # of units Cost of Goods sold Sold Cost per unit Inventory Balance # of units Inventory unit Balance 235 @ $ 11,40 = $ 2,679.00 Cost per January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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