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 Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80 390 units @ $16.80 = 6,552 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 350 units @ $41.80 445 units @ $21.80 = 9,701 430 units @ $41.80 = 145 units @ $26.80 1,225 units 3,886 $23,030 970 units Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Date Sold Inventory Balance Cost per Inventory # of units unit Balance 245 @ $ 11.80 = $ 2,891.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Perpetual LIFO: Goods Purchased Cost of Goods Sold Cost per Date # of units # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance 245 @ $ 11.80 = $ 2,891.00 unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin