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 235 units $11.40 S 2,679 Jan. 10 Sales 170 units $41.40 Mar. 14 Purchase 360 units a $16.40 - 5,904 Mar.15 Sales 290 units @ $41.40 July30 Purchase 435 units @ $21.40 - 9,309 Oct. 5 Sales 410 units @ $41.40 Oct.26 Purchase 135 units @ $26.40 = 3,564 Totals 1,165 units 521,456 870 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 Required information Goods Purchased # of Cost per units Dato Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per unit Inventory Balance Cost per Inventory # of units unit Balance 235 @ $ 11.40 - $ 2,679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Perpetual LIFO: Goods Purchased # of units unit Cost per Date Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance # of units Inventory unit Balance 235 @ $ 11,40 = $ 2,679.00 Cost per January 1 January 10 March 14 March 15 July 30 October 5 + October 26 Totals