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. nok nt Units Acquired at Cost 200 unitse $10 - $ 2,000 350 units $15 - 5,250 Units Sold at Retail 150 units $40 int Date Activities Jan. 1 Beginning inventory Jan. 10 sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 300 units @ $40 ences 450 units $20- 9,000 430 units $40 100 units $25 - 1,100 units 2,500 $18,750 880 units Perpetual FIFO: Cost of Goods Sold mits Goods Purchased # of Cost per units unit Date # of units sold Cost per Cost of Goods unit Sold Inventory Balance Cost per Inventory # of units unit Balance 2001 @ $ 10.00 - $2,000.00 eBook January 1 Hint January 10 150 $10.00 $ 1,500.00 50 $ 10.00 - $ 500.00 Print March 14 350 $ 15.00 $ 10.00 $ 15.00 References March 15 300 July 30 450 $ 20.00 B $ 20.00 October 5 October 26 March 15 300 Book July 30 450 @ $ 20.00 Hint Print $ 20.00 ferences October 5 October 26 Totals $1,500.00 Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per # of units sold Cost per Cost of Goods unit Sold Inventory Balance Cost per Inventory # of units unit Balance unit eBook January 1 January 10 Print March 14 References March 15 July 30 October 5 October 26 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Compute the gross margin for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross margin