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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost Units Sold at Retail 190 units $40.80 280 units $40.80 390 units$40.80 220 units $10.80-$ 2,376 330 units $15.805,214 420 units $20.808,73 120 units$25.803,996 Totals 1,090 units $19,422 860 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 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIF Inventory Balance Cost per| unit Inventory Balance #of units Cost per| unit Cost of Goods Sold # of units sold | cost per unit Date # of units January 1 January 10 March 14 22010.802,376.00 March 15 July 30 October 5 October 26 S 0.00 Totals Required information Required 1Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Inventory Balance #of units Inventory Balance Cost perl unit # of units sold | Cost per unit Cost of Goods Sold | cost per unit Date # of units 22010.802,376.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 S 0.00 Totals Complete this questions by entering your answers in the below tabs. Required 1 Required 2Required 3 Compute the gross margin for FIFO method and LIFO method FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin Required 2 Required3