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. Units sold at Retail Units Acquired at Cost 28 units $13.20 - $ 3,696 240 units $43.20 460 units $18.2e 8,372 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals 418 units@ 43.28 nt 480 units $23.20 11,136 45e units @ $43.28 180 units 320.20 1,400 units 5,076 $28,280 1,18e units ances 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: 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 Inventory Balance Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 280 $ 13.20 $3,000.00 January 1 January 10 March 14 1 ht March 15 ences July 30 October 5 October 20 Total