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 Cont Units Sold at Retail Jan. 1 Beginning inventory 295 units $13.80 - $ 4,071 Jan. 10 Sales 240 units $43.80 Mar. 14 Purchase 480 units $18.00 - 9,024 Mar. 15 Sales 420 units @ $43.80 July 30 Purchase 495 units $23.80- 11,781 Oct. 5 Sales 465 units $43.80 Oct. 26 Purchase 195 units $28.BO- 5,616 Totals 1,465 units $30, 492 1,125 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 natermine the recte reinnotandinn incantan anti net n monde end eine FTEN 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 Inventory Balance # of Cost per Date # of units Cost per Cost of Goods # of units Cost per Inventory units unit sold unit Sold unit Balance January 1 295 $13.80- $ 4,071.00 January 10 March 14 March 15 July 30 March 15 July 30 October 5 October 26 Totals Required 1 Required 2 > Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per # of units Inventory Balance 295 $ 13,80 $ 4,071.00 unit January 1 January 10 March 14 March 15 July 30 October 5 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