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 Beginning inventory Units Acquired at Cost Units Sold at Retail @ 300 units = $ 4,200 $14.00 Jan. 1 Jan.10 Sales 250 units $44.00 Mar.14 Purchase 520 units $19.00 9,880 @ Mar.15 Sales 460 units $44.00 July30 Purchase 500 units $24.00 = 12,000 Oct. 5 Sales 480 units $44.00 Oct.26 Purchase 5,800 @ 200 units $29.00 1,520 units $31,880 1,190 units Totals Tey uses a perpeludi 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per # of units Cost per Date Inventory Balance Inventory # of units unit Balance 300 @ $ 14.00 = $ 4,200.00 unit January 1 January 10 March 14 March 15 Required 1 Required 2 Required 3 Part 1 of 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased 4.16 points Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per # of units Date Cost per unit Inventory Balance Inventory # of units unit Balance 300 @ $ 14.00 = $ 4,200.00 Skipped January 1 January 10 March 14 March 15 July 30 October 5 October 26 $ 0.00 Totals 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