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 Sold at Retail Jan. 1 Beginning Units Acquired at Cost 215 units 1 units $10.60 = $ 2,279 @ inventory Jan. 10 Sales 180 units $40.60 Mar.14 Purchase 320 units sito = 4,992 260 units $40.60 415 units Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase US $20.60 = 8,549 400 units $40.60 115 units Totals 1,065 units $25.60 = 2,944 $18,764 840 units Required information 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 of Cost per units Cost of Goods Sold of units Cost per Cost of Goods sold Sold Date unit Inventory Balance of units Cost per Inventory unit Balance 215 @ $10.60 - $ 2,279.00 January 1 January 10 March 14 March 15 July 30 Required information Required 1 Requires 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date units unit unit Inventory Balance # of units Cost per Inventory unit Balance 215 @ $ 10.60 = 5 2.279.00 January 1 January 10 March 14 March 15 July 30 and Windows Required information Complete this questions by entering your answers in the below tabs. points Skipped Required 1 Required 2 Required 3 eBook Compute the gross margin for FIFO method and LIFO method. Hint FIFO: LIFO: Print Sales revenue Less: Cost of goods sold Gross margin References Windows