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 285 units @ $13. 40 = $ 3, 819 250 units @ $43. 40 470 units @ $18.40 = 8,648 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 400 units @ $43. 40 485 units @ $23.40 = 11,349 460 units @ $43. 40 = 185 units @ $28.40 1, 425 units 5,254 $29,070 1,110 units equired: emming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. - Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. -Compute the gross margin for FIFO method and LIFO method. Perpeludl PIPU. Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance #of unite Cost Inventory per unit Balance 285 @ $ 13.40 = $ 3,819.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Perpetual LIPU. Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance #of units Cost Inventory per unit Balance 285 @ $ 13.40 = $ 3,819.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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