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. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40 - $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar.14 Purchase 420 units @ $17.40 - 7,308 Mar.15 380 units & $42.40 July 30 Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase 160 units @ $27.40 4,384 Totals 1,300 units $25, 220 1,020 units Exercise 6-7 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. Required 1 Required 2 Required 3 Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Inventory Balance Cost per Inventory #of units unit Balanco 260 $ 12.40 = $ 3.224.00 January 1 January 10 March 14 March 15 July 30 October 5