Required information Use the following information for the Exercises belovw The following information applies to the questions displayed below Hemming Co. reported the following current-year purchases and sales for its only product. Activities Date Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Units Acquired at Cost Units Sold at Retail 205 units $10.20$ 2,091 300 units @ $15. 2 4, 568 400 units @ $20. 2 8, 88 105 units$25.202, 646 160 units $40.20 250 units$40.20 375 units$40.20 785 units Totals 1, 10 units $17, 377 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 Perpetual FIFO ood Cost of Goods Sold Inventory Balance #of units Cost per | unit # of units sold Cost per Cost of Goods #of units unit Cost per Inventory Balance Date unit Sold 205 10.202,091.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Required 1 Required 2 Perpetual LIFO: oods Purchased ost of Goods Sol Inventory Balance #of units Cost per | unit # of units sold Cost per unit Cost of Goods Sold #of units unit Cost per Date Balance 20510.202,091.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 K Required 1 Required 3 Required 1Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO LIFO Sales revenue Less: Cost of goods sold Gross margin KRequired 2 Required 3