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 Unita Aequired at Cost Jan. 1 Beginning inventory Units sold at Retail 230 unita e $11.20 - $ 2,576 Jan. 10 Sales 160 units & $41.20 I Mar. 14 Purchase 350 unita $16.20 - 5,670 Mar.15 Sales 320 units $41.20 July 30 Purchase 430 units $21.20 - 9.116 Oct. 5 Sales 400 units @ $41.20 Oct.26 Purchase 130 units e $26.20 - 3,406 Totals 1.140 units $20,760 880 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. Complete this questions by entering your answers in the below tabs. Check my Required Information January 10 March 14 March 15 July 30 October 5 October 26 nnnl Tatate hap Savw & E Check my w 2 Required Information January 1 January 10 230 S 11.20 - $ 2,576,00 March 14 March 15 ences July 30 October 5 October 26 $ 0.00 Totain Prov 2017 Next > wory wenung 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. Book int int Complete this questions by entering your answers in the below tabs. Tences 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