! Required information Use the following information for the Exercises below. [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 280 units @ $13.20 = $ 3,696 Units Sold at Retail 240 units @ $43.20 460 units @ $18.20 = 8,372 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 = 11,136 450 units @ $43.20 180 units @ $28.20 = 5,076 1,400 units $28,280 1,100 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. 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 # of Cost per units unit Cost of Goods Sold # of units Cost of Goods Sold Cost per Date Inventory Balance Cost per Inventory # of units unit Balance 280 @ $13.20 = $ 3,696.00 sold unit January 1 January 10 240 @ $ 43.20 $ 10,368.00 $ 13.20 = March 14 460 @ $18.20 @ $ 13.20 $ 18.20 March 15 July 30 October 5 October 26 Totals $ 10,368.00