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 Acquired at Cost 255 units @ $12.20 $ 3.111 Unit Sold Retail 210 units e $42.20 410 units $17.20 7.052 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase Mar. 15. Sales July3e Purchase Oct. 5 Sales Oct.26 Purchase Totals 455 units @ $22.20 = 10, 101 155 units @ $27.20 - 4216 1,275 units $24,40 350 units e$42.20 430 units $42.20 990 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 UFO method Complete this questions by entering your answers in the below tabs. Check my work 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 Acquired at cost 255 units 512.2015, 211 Units Soldat Retail 210 units 542.28 410 units 517.20 7,052 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Total 35 units $42.20 455 units @ $22.20 = 10, 101 438 units 542.2 155 units $27.20 1,275 units 4.210 $24.480 990 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