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 Activities Date Beginning inventory = 1,800 150 units Jan. 1 $12.00 140 units42.00 Jan. 10 Sales 5,100 300 units, $17.00 Mar. 14 Purchase 190 units $42.00 Mar. 15 Sales 450 units$22.00 9,900 July30 Purchase 250 units $42.00 Oct. 5 Sales a 650 units$27.00 17,550 Oct.26 Purchase 580 units $34,350 1,550 units Totals Required Hemming uses a perpetual inventory system. 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 unit of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date #of units units sold January 1 $12.00 150 $1,800.00 January 10 March 14 March 15 July 30 October 5 October 26 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Inventory Balance Cost of Goods Sold Goods Purchased # of Cost per unit of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance of units Date units 150 January 1 $12.00 $1,800.00 January 10 March 14 March 15 July 30 October 5 October 26 Compute the gross margin for FIFO method. FIFO: Sales revenue 24,360 Less: Cost of goods sold $ 24,360 Gross margin Compute the gross margin for LIFO method. LIFO: Sales revenue Less Cost of goods sold $ Gross margin