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 Activities Units Acquired at Cost Date $10-$ 2,000 200 units Jan. 1 Beginning inventory Jan.10 Sales 150 units $40 350 units $15 5,250 Mar.14 Purchase 300 units $40 Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 450 units $20 9,000 430 units $40 100 units $25 2,500 880 units $18,750 1,100 units Totals 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 FIIFO 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. Required information Perpetual FIFO: Cost of Goods Sold Inventory Balance Goods Purchased Cost per unit Cost per unit Inventory Balance Cost per # of units sold Cost of Goods # of # of units Date units unit Sold 200 $10.00 January 1 $2,000.00 January 10 $15.00 March 14 0 350 0 $15.00 0 March 15 0 0 July 30 100 $20.00 450 $20.00 October 5 October 26 0.00 Totals