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 280 units @ $13.20 $ 3,696 240 units @ $43.20 460 units @ $18.20 8,372 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 410 units @ $43.20 480 units @ $23.20 = 11,136 450 units @ $43.20 180 units @ $28.20 1,400 units 5,076 $28,280 Totals 1,100 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. Perpetual FIFO: Date Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold Sold unit Inventory Balance Cost per Inventory # of units unit Balance 280 @ $ 13.20 $ 3,696 00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 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 Cost per Cost per Date # of units # of units sold Cost per unit Cost of Goods Sold Inventory Balance Inventory # of units unit Balance 280 @ $ 13.20 $ 3.696.00 unit January 1 January 10 March 14 March 15 July 30 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