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 200 units $10 = $ 2,000 Activities Date 1 Beginning inventory Jan. 150 units@ $40 Jan. 10 Sales 350 units @ $15= Mar.14 Purchase 5,250 300 units $40 Mar.15 Sales 450 units@$20 July 30 Purchase Oct. 5 Sales 9,000 430 units $40 100 units @$25 Oct. 26 Purchase 2,500 1.100 units Totals $18,750 880 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 FIFO: Goods Purchased Inventory Balance Cost of Goods Sold Cost per unit Cost per Cost per unit #of units #of units sold Cost of Goods Sold Inventory Balance Date #of units unit January 1 200 10.00 $2,000.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals 0.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Inventory Balance Goods Purchased Cost of Goods Sold Cost per unit Cost per Cost of Goods unit # of units sold Cost per unit #of units Inventory Balance of units Date Sold January 1 $10.00 200 $2,000.00 January 10 March 14 March 15 July 30 October 5 October 26 0.00 Totals wwww 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