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 230 units @ $11.20 = $ 2,576 Jan. 10 Sales 160 units @ $41.20 Mar.14 Purchase 350 units @ $16.20 = 5,670 Mar.15 Sales 320 units @ $41.20 July30 Purchase 430 units @ $21.20 = 9,116 Oct. 5 Sales 400 units @ $41.20 Oct.26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $20,768 880 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 Compute the gross margin for FIFO method and LIFO method FIFO: LIFO: Required information GERRY #of units Cost per unit # of units Cost per sold unit Cost of Goods Sold Cost per Inventory # of units unit Balance 230 @ $ 11.20 = $ 2,576.00 Date January 1 January 10 March 14 March 15 July 30 + October 5 October 26 Totals $ 0.00 Perpetual.LIFO: Goods Purchased #of Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per units unit Inventory Balance Inventory # of units unit Balance 230 @ $ 11.20 = $ 2,576.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 S 0.00 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 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