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 e $11.60 - $ 2,784 Jan. 10 Sales 180 units $41.60 Mar. 14 Purchase 370 units & $16.60 - 6,142 Mar.15 Sales 330 units $41.60 July 30 Purchase 440 units e $21.60 - 9,504 Oct. 5 Sales 415 units # $41.50 Oct.26 Purchase 140 units $26.60 = 3,724 Totals 1,190 units $22,154 925 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 natermine the rncte accinat prin inventand tinct of ander din FIE Pray 1 of 2 Next > Required information Perpetual FIFO: Goods Purchased Date #of Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory. Balance Cost per Inventory # of units unit Balance 240 @ $ 11.60 = $ 2,784.00 units unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Prey 1 of 2 Next > Required information March 15 July 30 5 October 5 October 26 Totals Rand Required 2 > Required information Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 240 @ $ 11.60 = $ 2,784.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Prey 1 of 2 Next > 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 ok at onces 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: LIFO Sales revenue Less: Cost of goods sold Gross margin