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 235 units @ $11.40 = $ 2,679 170 units @ $41.40 360 units @ $16.40 - 5,904 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 290 units @ $41.40 435 units @ $21.40 - 9,309 410 units @ $41.40 135 units @ $26.40 - 1,165 units 3,564 $21,456 870 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 questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Date Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold January 1 January 10 170 @ $11.40 L $ 16.40 - $ 1,938.00 March 14 360 @ Inventory Balance # of units Cost per Inventory unit Balance 235 @ $11.40 - $ 2,679.00 6 6 @ $ 11,40 = $ 741.00 65 @ $ 11.40 - $ 741.00 360 @ $ 16.40 - 5,904.00 $ 6,645.00 0 @ $ 11,40 = 135 @ $ 16.40 - $ 2,214.00 $ 2,214.00 0 @ $ 11.40 135 @ $ 16.40 - 2,214.00 435 @ $21.40 - 9,309.00 $ 11,523.00 March 15 65 225 @ @ $11.40 $ 16.40 - - $ 741.00 3,690.00 $ 4,431.00 July 30 435 @ $ 21.40 October 5 0 o 135 275 @ @ @ $ 1140 $ 16.40 $ 21.40 = = - 0 $ 0.00 2,214.00 5,885.00 $ 8,099.00 @ @ @ $11.40 $ 16.40 $21.40 = 160 3,424.00 3,424.00 $ 360 @ $ 16.40 = 5,904.00 6,645.00 $ March 15 65 225 @ @ $ 11,40 $ 16.40 = = $ 741.00 3,690.00 $ 4,431.00 0 135 @ @ $ 11.40 = $ 16.40 = $ $ 2,214.00 2,214.00 July 30 435 @ $ 21.40 0 135 435 @ @ @ $11.40 $ 16.40 = $ 21.40 = 2,214.00 9,309.00 $ 11,523.00 October 5 o 135 275 @ @ @ $ 11.40 $ 16.40 $ 21.40 = = = 0 0 $ 0.00 2.214.00 5,885.00 $ 8,099.00 @ @ @ $ 11.40 $ 16.40 $21.40 = 160 3,424.00 3,424.00 $ October 26 135 @ $25.40 0 @ @ @ @ $11.40 $ 16.40 $ 21.40 = $ 25.40 - 160 135 3,424.00 3,429.00 6,853.00 Totals $ 14,468.00 $ January 10 March 14 March 15 July 30 October 5 October 26 $ 0.00 Totals 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 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 ( Required 2 Required 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 Acquired at Cost 235 units @ $11.40 $ 2,679 Units Sold at Retail 170 units $41.40 360 units@ $16.40 - 5.904 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 290 units & $41.40 435 units @ $21.40 - 9,309 410 units e $41.40 135 units @ $26.40 - 1,165 units 3,564 $21,456 870 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Dato Activity Units Unit Cost + Cost of Goods Sold Ending Inventory Ending Ending Units Unit Cost COGS Inventory Unit Cost Inventory Sold Units Cost $ 0.00 $ 0 $ 0.00 5 $ 0.00 0 $ 0.00 $ 0.00 ol $ 0.00 Jan. 1 Mar. 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 pure units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, following a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Unit Cast 235 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Cost of Goods Sold Ending Inventory Units Ending Ending a ld Unit Cost COGS Inventory Unit Cost Inventor Units Cost $ 0.00 $ 0 $ 0.00 $ $ 0.00 of $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0 0 360 435 Purchase 135 1,165 b) Gross Margin using Specific Identification Less: Equals