! 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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 250 units @ $12.00 = $ 3,000 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 6,800 360 units @ $42.00 Mar. 15 Sales July 30 Purchase Oct. 5 Sales 450 units @ $22.00 = 9,900 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 1,250 units 4,050 $23,750 Totals 980 units 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 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 units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 250 @ $ 12.00 = S 3.000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost per Cost of Goods Sold Inventory Balance Cost per Inventory # of units unit Balance Date # of units # of units sold Cost per unit Cost of Goods Sold unit 250 @ $ 12.00 = $ 3.000.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals s 0.00 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