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 Units Acquired at Cost Onits sold at Reta 1 San. 1 Beginning inventory 250 units $12.00 - $3,000 Jan. 10 Sales 200 units $42.00 Mar. 14 Purchase 400 units @ $17.00 6,800 Mar. 15 Soles 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 9,900 Oct. 5 Sales 420 units @ $42.00 Oct.26 Purchase 150 units @ $27.00 4.050 Totals 1,250 units $23,750 980 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of units unit Cost of Goods Sold of units Cost of Goods sold unit Sold Date Cost per Cost per Cost per Inventory Balance # of units Inventory unit Balance $12.00 $ 3,000.00 250 January 1 January 10 March 14 March 15 Stood Purchased #of units unit Cost per Date Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Cost per Inventory. Bolonce Hof units Inventory unit Balance 250 $12.00 = $ 3,000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 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