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. 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. Required information (1) Required information Perpetual LIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \multirow[t]{2}{*}{#ofunits} & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & CostofGoodsSold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{Costperunit} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 205 & @ & & = & $2,091.00 \\ \hline \multicolumn{11}{|l|}{ January 10} \\ \hline \multicolumn{11}{|l|}{ March 14} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ July 30} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ October 5} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ October 26} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline Totals & & & 1 & & & & & & & \\ \hline \end{tabular} 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. Compute the gross margin for FIFO method and LIFO method