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 Activities Units Acquired at Cost 250 units $12.00 Units Sold at Retail Date =$ 3,000 Jan. 1 Beginning inventory Jan. 10 Sales 200 units $42.00 400 units $17.00 Mar. 14 Purchase 6,800 360 units $42.00 Mar, 15 Sales July 30 Purchase Oct. 5 Sales 450 units $22.00 9,900 420 units $42.00 150 units $27.00 Oct. 26 Purchase 4,050 1,250 units $23,750 980 units Totals 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 Cost of Goods Sold Inventory Balance Goods Purchased Cost per #of units Cost per unit #of units Cost of Goods Sold Cost per unit Inventory Balance Date of units sold unit January 1 250@ $12.00 3,000.00 January 10 $8,400.00 $12.00 200 $ 42.00 400 March 14 $17.00 $ 12.00 17.00 March 15 July 30 450 @ $22.00 $ 22.00 October 5 $ 27,00 October 26 150 $27.00 $8,400.00 Totals G Perpetual LIFO Goods Purchased Inventory Balance Cost of Goods Sold #of Cost per unit Cost per unit of units sold Cost of Goods Sold Cost per unit Inventory Balance Date #of units units January 1 $ 12.00 250 $ 3,000.00 January 10 March 14 March 15 July 30 October 5 October 26 0.00 Totals Complete this questions by entering your answers in the below tabs. Required 1 Required 3 Required 2 Compute the gross margin for FIFO method and LIFO method FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin