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 235 units @ $11.40 = $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,904 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 290 units @ $41.40 435 units @ $21.40 = 9,309 410 units @ $41.40 135 units @ $26.40 = _ 3,564 1,165 units $21,456 870 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 Inventory Balance Cost of Goods Sold Cart Carta Cond af unit 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 Cost per units unit Cost of Goods Sold # of units Cost per cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 235 @ $11.40 = $ 2,679.00 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 # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance #foln Cost per Inventory Date January 1 235 @ $ 11.40 = $ 2.679.00 January 10 March 14 March 15 July 30 October 5 October 26 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