! 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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 300 units @ $14.00 = $ 4,200 Jan. 10 sales 250 units @ $44.00 Mar . 14 Purchase 520 units @ $19.08 9, 880 Mar . 15 sales 460 units @ $44.00 July30 Purchase 500 units @ $24.00 = 12,800 Oct. 5 sales 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 = 5, 800 Totals 1, 520 units $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.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 Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods Cost per Inventory Date units unit sold unit Sold # of units unit Balance January 1 300@ $ 14.00 = 5 4,200.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 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 Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Cost of Goods # of units Cost per Inventory Date units unit sold unit Sold unit Balance January 1 @ $ 14.00 = $ 4,200.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 Compute the gross margin for FIFE: method and LIFO method. -- Loos: Goal of goods sold _ _ _ 1: Required 2