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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totala Units Acquired at Coat Units sold at Retail 295 units $13.80 - $ 4,071 240 unito $43.80 480 units $18.80 - 9,024 420 units $43.00 495 units $23.80 - 11,781 465 units @ $43.80 195 units $28.80 5,616 1,465 unita $30,492 1,125 unita 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: 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 Determine the costs assigned to ending inventory and to cost of goods spid using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance of Date Cost per # of units Cost per Cost of Goods Cost per units Inventory unit sold # of units unit Sold unit Balance January 1 295 @ $ 13.80 - $ 4,071.00 January 10 March 14 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Rou Required 2 > 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods. Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Date Cost of Goods Cost per Inventory N of units units unit sold unit Sold unit Balanco January 1 295 $13.80 $ 4,071,00 January 10 March 14 March 15 Required information VE January 1 January 10 295 @ $ 13.80 = $ 4,071.00 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 rpetua 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
