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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 290 units a $13.60 3,944 500 units $18.609,300 490 units $23.60 190 units $28.605,434 Units Sold at Retail 260 units $43.60 430 units $43.60 470 units $43.60 -11,564 Totals 1,470 units $30,242 1,160 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 LIFC 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 FIFO Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units January 1 January 10 March 14 29013.60$3,944.00 March 15 July 30 October 5 October 26 Totals $ 0.00 Complete this questions by entering your answers in the below tabs. Required 1Required 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 units Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost perInventory Balance Date #Of units unit 290 $13.60$3,944.00 anuary January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 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 3