! 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 Sold at Retail 180 units @ $40.60 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost 215 units @ $10.60 = $ 2,279 320 units @ $15.60 = 4,992 415 units @ $20.60 = 8,549 115 units @ $25.60 = 2,944 1,065 units $18,764 260 units @ $40.60 400 units @ $40.60 840 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. Complete this questions by entering your answers in the below tabs. I loomine me rere Aceinnon tonninn Inventoran CCT AT ANOS CAICS teinn Required information 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 Date #of Cost per # of units Cost per Cost of Goods Cost per Inventory unit sold unit Sold # of units unit Balance January 1 215 @ $ 10.60 $ 2,279.00 January 10 units March 14 March 15 July 30 October 5 October 26 Totals 2. Determine the costs assigned to ending inventory and to cost of gc 3. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below 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