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 Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 235 units @ $11.40 = $ 2,679 Units Sold at Retail 170 units $41.40 Mar. 14 Purchase 360 units $16.40 5,904 Mar.15 Sales 290 units $41.40 July 30 Purchase 435 units $21.40 9,309 Oct. 5 Sales Oct. 26 Purchase 135 units $26.40 1,165 units 410 units $41.40 3,564 $21,456 870 units Totals 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased of units unit Date Cost per Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory of units unit Balance S 11.40 $ 2679.00 January 1 235 January 10 March 14 March 15 July 30 Odober 5 October 20 5 000 RES Required 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance Cost per of units Inventory unit Balance 235 $11.40 $ 2,679,00 January 1 January 10 March 14 March 15 July 30 October 5 October 25 Totals 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 UFO method. FIFO: LIFO: Sales revenue Less Cost of goods sold Gross margin