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 Lequired at Cost 235 units e $11.40 = $ 2,679 360 units @ $16.40 5,904 Units Sold 170 units 541.40 De Activities Jan. 1 beginning inventory Jan. 10 Sales Mair. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totais 290 units @ $41.40 435 units $21.40 410 units @ $41.40 135 units $26.40 1,165 units 3,564 $21,456 878 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. PerchEO: Cast of Goods Sold Cost per Cost of Goods Sold Cost por of us me sold inventory Balance $ 2,679,00 235 @ $11.40 January 1 January 10 March 14 March 15 July 30 October 5 Required information ay 10 March 14 March 15 July 30 October 5 October 26 Totals Required 2 > Required: Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using UFO. Perpetual LIED: COO GOOD Sold of units Cost per Cost of Goods Sold Coat por of units sold Inventory Balance $ 2,679.00 235 $ 11.40 January 1 January 10 March 14 March 15 July 30 October 5 Required information January 1 235) @ $ 11,40 = $ 2,679.00 January 10 March 14 March 15 July 30 October 5 October 26 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