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 Jan. 1 Beginning inventory 235 units $11.40 - $ 2,679 Jan. 18 sales Mar. 14 Purchase 368 units $15.40 5,984 Mar. 15 Sales July 30 Purchase 435 units 9,325 Oct 135 units Totals 1,165 units units Sold at Retail 178 units 5 Sales 410 units Oct. 25 Purchase 3,554 $21,455 878 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. 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 #of Date Cost # of units Cost Cost of Goods Cost Inventory units per unit sold # of units per unit Sold per unit Balance January 1 235 @ S 11.40 = S 2.679.00 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 (Required Required 2 > 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 # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory # of units per unit Balance 235 S 11.40 = $ 2.679.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals S 0.00 Required 1 Required 3 > 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