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 Jan. 1 Beginning inventory Jan.10 Sales Mar 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct 26 Purchase Totals Units Acquired at Cost 200 units @$10 = $2,000 Units Sold at Retail 350 units 450 units @$15 = 5,250 @ $20 = 9,000 150 units @ $40 300 units $40 430 units @ $40 100 units 1,100 units @$25 = 2,500 $18,750 880 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. Prex 2 of 2 Next >