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 Cost Units Sold at Retail Jan. 1 Beginning inventory 220 units e $10.80 = $ 2,376 Jan. 10 Sales 190 units $40.80 Mar.14 Purchase 330 units $15.00 - 5,214 Mar. 15 Sales 280 units # $40.80 July 30 Purchase 420 units e $20.80 = 8,736 Oct. 5 Sales 390 units e $40.80 Oct. 26 Purchase 120 units $25.80 - 3,096 Totals 1,090 units $19,422 860 units Required: Hemming uses a perpetual yventory 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 Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods unit Sold Cost per Inventory Balance Inventory # of units unit Balance 220 @ $ 10.80 = $ 2,376.00 Date sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required information Perpetual FIFO: 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 Inventory # of units unit Balance 220 @ $ 10.80 = $ 2,376.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 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 LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin