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 Date Activities Beginning Jan. 1 inventory Jan. 10 Sales Units Acquired at Cost 235 units @ = $ 2,679 $11.40 170 units $41.40 Mar. 14 Purchase 360 units $16.40 5,904 Mar.15 Sales 290 units $41.40 July30 Purchase 435 units $21.40 9,309 Oct. 5 Sales 410 units $41.40 Oct. 26 Purchase 135 units $26.40 1,165 units Totals 3,564 $21,456 870 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. 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 FIFO. Perpetual FIFO: Goods Purchased w of Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units tinit Balance 235 $ 11:40 52679.00 January 1 January 10 March 14 March 15 July 30 (October 5 October 26 5 000 REIRO Required 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased of units unit Date Cost per Cost of Goods Sold #of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory of units unit Balance 235 $ 11.40 $ 2,679,00 January 1 January 10 March 14 March 15 July 30 October 5 October 25 Total 3 0.00 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 Gross margin