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 210 units $10.40 - $ 2,184 Jan 10 Sales 170 units $40.40 Mar. 14 Purchase 318 units # $15.00 4,774 Mar. 15 Sales 270 units $40.40 July 38 Purchase 410 units $29.40 8,364 Oct. 5 Sales 380 units $40.40 Oct. 26 Purchase 11e units $25.40 2,794 Totals 1,040 units $18, 116 820 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. Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory # of units unit Balance 210 $ 10.40 = $2,184.00 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 2 > Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost per Goods Purchased #of units unit Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance 210 @ $ 10.40 = $ 2.184.00 Dato January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 eBook Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using F 2. Determine the costs assigned to ending inventory and to cost of goods sold using 3. Compute the gross margin for FIFO method and LIFO method. Hint Print Complete this questions by entering your answers in the below tabs. References 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