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 Jan. 1 Beginning inventory Units sold at Retail 200 units @ $10 = $2,000 Jan. 10 Sales 150 units $40 Mar.14 Purchase 350 units @ $15 . 5,250 Mar.15 Sales 300 units 540 July 30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units $40 Oct.26 Purchase 100 units 525 2,500 Totals 1,100 units $18,750 880 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. Required information Goods Purchased # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Cost per Inventory Balance # of units Inventory unit Balance 200 $10.00 - $ 2,000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required information Perpetual LIFO Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold Date Inventory Balance Inventory # of units unit Balance 200 @ $ 10.00 $ 2,000.00 Cost per unit Sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00