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 240 units $11.60 $ 2,784 Jan. 10 Sales 180 units. 541.60 Mar. 14 Purchase 370 units $16.60 - 6.142 Mar. 15 Sales 330 units $41.60 July 30 Purchase 440 units $21.60 - 9.504 Oct. 5 Sales 415 units $41.60 Oct. 26 Purchase 140 units $26.60 - 3.724 Totale 1.190 units $22,154 925 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 UFO. 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: Date Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory or unit Balance 240 @ $11.60 = $ 2,784.00 January 1 January 10 March 14 March 15 July 30 October 26 Required 2 > Required Information Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold of units Cost per cost of Goods sold Sold un cost of G Inventory Balance of units Cost per Inventory unit Balance 240 $ 11.60 $ 2,784 00 January 1 January 10 March 14 March 15 July 30 October 5 Complete this questions by entering your answers in the below tabs Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO 1111 Sales revenue Less: Cost of goods sold Gross margin Required a