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 Jan. 1 Beginning inventory Units sold at Retail 268 units a $12.40 = $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420 units @ $17.40 = 7,308 Mar.15 Sales 380 units @ $42.40 July30 Purchase 460 units @ $22.40 - 10,304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase 160 units @ $27.40 = 4,384 Totals 1,300 units $25,220 1,020 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 Required information Cost per 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 # of units Cost per Cost of Goods Cost per Inventory Date # of units units unit sold unit Sold unit Balance January 1 260 @ $ 12.40 - $ 3,224.00 January 10 215 $ 42.40 = $9,116.00 $ 12.40 + March 14 420 $ 17.40 $ 12.40 @ $ 17.40 March 15 July 30 460 @ $ 22.40 @ $ 22.40 October 5 Required information July 30 460 @ $ 22.40 $22.40 October 5 October 26 160 @ $ 27.40 @ $ 27.40 Totals $ 9, 116.00 Required Required 2 > Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of Cost per # of units Cost per Cost of Goods Inventory units unit sold # of units unit Sold unit Balance January 1 260 $ 12.40 $ 3,224.00 January 10 March 14 Cost per March 15 July 30 October 5 Prey 6 of 7 Next > Help Save & Exit Sub Required information January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00