! 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 205 units @ $10.20 $ 2,091 160 units @ $40.20 300 units @ $15.20 4,560 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 250 units @ $40.20 400 units @ $20.20 8,080 375 units @ $40.20 - 105 units @ $25.20 1,010 units 2,646 $17, 377 785 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. Required information Perpetual FIFO: Goods Purchased #of units unit Date Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Inventory Balance # of units Inventory unit Balance 205 @ $ 10.20 = $ 2,091.00 January 1 January 10 March 14 300 @ March 15 July 30 400 @ October 5 Det har ? 1051 2521 Required information July 30 400 October 5 October 26 105 $ 25,20 @ $ 25,20 Totals $ 0.00