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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Salon July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost 210 units e $10.40 $ 2,184 310 units $15.40 - 4,774 410 units e $20.40 - 8,364 170 units . $40.40 270 units @ $40.40 380 units @ $40.40 110 units 4 $25.40 - 2,040 units 2,794 $18, 116 820 unita 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. CLEMALLI Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost of Goods sold Sold Cost per Cost per unit Inventory Balance #of units Inventory unit Balance 210 @ $10.40 = $ 2,184.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required information July 30 October 5 October 26 Totals $ 0.00 Ponu Required 2 > Perpetual LIFO Goods Purchased #of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Dato Inventory Balance Cost per # of units Inventory unit Balance 210 @ $10.40 = $ 2,184.00 January 1 January 10 March 14 March 15 July 30 October 5 October 20 March 15 July 30 > October 5 October 26 Totals $ 0.00 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 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin