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 210 units @ $10.40 - $ 2,184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 - 4,774 270 units @ $40.40 July 30 Purchase 41@units @ $20.40 - 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 11units @ $25.40 - 2,794 Totals 1,24@units $18,116 820 units Har. 15 salehose 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 Complete this questions by entering your answers in the below tabs