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 coat Units Sold at Retail Jan. 1 beginning inventory 210 units $10.40 - $2.184 Jan. 10 Sales 170 units $40.40 Mar. 14 Purchase 310 units $15.00 4.774 Mar. 15 Sales 270 units $40.40 Julyo Purchase 410 units $20.40 8,364 oct. 5 Sales 10 units $40.40 Oct.26 Purchase 10 units $25.40 - 214 Totale 1.040 nita $18.116 20 unica Required Hemmings 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 UFO 3. Compute the gross margin for FIFO method and LFO method Complete this questions by entering vour answers in the below tabs red Red 2 Required Dette con ewigned to ending word to cost of goods sold in Firo Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per #of units Cost per Cost of Goods Date Cost per Inventory # of units units unit sold Sold unit Balance January 1 + 210 $ 10.40 = $ 2,184.00 January 10 unit March 14 March 15 July 30 October 5 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 # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 210 $ 10.40 = $ 2.184.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 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 L.IFO. 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. FIFO: LIFO: Sales revenue Less Cost of goods sold Grous margin