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 Units Sold at Retail Units Acquired at Cost 260 units @ $12.40 = $ 3,224 215 units @ $42.40 420 units @ $17.40 = 7,308 380 units @ $42.40 460 units @ $22.40 10,304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase Totals 160 units @ $27.40 1,300 units 4,384 $25,220 1,020 units July 30 Purchase 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 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Date Goods Purchased # of units Cost of Goods Sold Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units 260 @ $12.40 = Inventory Balance Cost per unit Inventory Balance $ 3,224.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory unit Balance 260 @ $ 12.40 = $ 3,224.00 Date # of units January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 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. Sales revenue Less: Cost of goods sold Gross margin FIFO: LIFO