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 Units Acquired at Cost 230 units @ $11.20 = $ 2,576 160 units @ $41.20 350 units @ $16.20 5,670 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 320 units @ $41.20 430 units @ $21.20 9, 116 400 units @ $41.20 = 130 units @ $26.20 1,140 units 3,406 $20,768 880 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO PI 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost per Cost per # of units Date # of units sold Cost per unit Inventory Balance # of units Inventory unit Balance Cost of Goods Sold unit January 1 230 @ $ 11.20 = 2,576.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals