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 Acquired at Cost 265 units @ $12.60 = $ 3,339 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 Units Sold at Retail 225 units @ $42.60 370 units @ $42.60 430 units @ $17.60 = 465 units @ $22.60 = 7,568 10,509 440 units @ $42.60 = 165 units @ $27.60 1,325 units 4,554 $25,970 1,035 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 Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Inventory Balance # of units Cost per Inventory unit Balance 265 @ $ 12.60 = $ 3,339.00 Sold January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Required 1 Required 2 >