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 Metivities Unit Acquired at Cost Units Sold at Retail Jan. 1 Deginning inventory 200 units $10 - $ 2,000 Jan. 10 Sale 150 unita & $40 Mar.14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units 8 $40 July 30 Purchase 450 unita $20 9,000 Oct. 5 Sales 430 units $40 Oct.26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18.750 880 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. Perpetual FIFO Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Dato January 1 January 10 Inventory Balance Cost per Inventory # of units unit Balanco 200 @ $ 10.00 $ 2,000.00 150 @ $ 10.00 - $ 1,500.00 $ 10.00 @ $ 15.00 150 @ $ 15.00 $ 2.250.00 March 14 3501 $ 15,00 March 15 300 $ 10.00 0 July 30 October 5 430 0 0 Required information July 30 October 5 430 0 0 October 26 Totals $ 2.250.00 Required 2 > Perpetual LIFO Goods Purchased Cost of Goods Sold Date Cost per # of units # of units sold Cost per unit Inventory Balance Cost per Inventory # of units unit Balance 200 @ $ 10.00 $ 2,000.00 Cost of Goods Sold unit January 1 January 10 March 14 March 15 July 30 October 5 July 30 October 5 October 26 Totals 0.00 9999 | Mi 19 14 V. 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 question by entering your answers in the tabs below. 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