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 Acquired at Cont Units sold at Retail Jan. 1 Beginning inventory 200 units e $10 - $ 2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units & $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase 450 units $20 9,000 Oct. S Sales 430 units @ $40 Oct.26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18,750 880 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 question by entering your answers in the tabs below. Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance of Cost per # of units Cost per Cost of Goods Cost per Inventory Date # of units unit units sold unit unit Sold Balance January 1 200 $ 10.00 $ 2,000.00 January 10 150 @ $ 13.80 $ 2,070.00 $ 10.00 - March 14 350 $15.00 $ 10.00 $ 15.00 ee B March 15 450 $ 20.00 July 30 $ 20.00 October 5 $ 20.00 July 30 450 @ @ $ 20.00 October 5 October 26 100 $25.00 $ 25.00 $ 2.070.00 Totals Required 2 > Cost per Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Inventory of units unit Balance 200 $ 10.00 - $ 2,000.00 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 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