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 Acquired at Cost 215 units @ $10.60 - $ 2,279 Units Sold at Retail 180 units @ $40.60 320 units $15.60 - 4,992 Data Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totala 260 units $40.60 415 units e $20.60 8,549 400 units $40.60 115 units @ $25.60 1.065 units 2,944 $18,764 840 unito 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 question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Required information Goods Purchased Cost of Goods Sold Inventory Balance Date #of units Cost per unit #of units sold Cost per Cost of Goods unit Sold # of units Cost per unit $10.60 Inventory Balance $ 2,279.00 January 1 January 10 215 @ March 14 March 15 July 30 October 5 October 26 TO $ 0.00 Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 = $ 2,279 320 units @ $15.60 - 4,992 180 units @ $40.60 260 units @ $40.60 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 415 units @ $20.60 - 8,549 400 units @ $40.60 115 units $25.60 1,065 units 2,944 $18,764 840 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. 05 Complete this question by entering your answers in the tabs below. 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