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. 295 units @ $13.80 $ 4,071 480 units $18.809,024 495 units @ $23.80-. 11,781 195 units @ $28.80 5,616 Units Sold at Retail 240 units $43.8e 420 units $43.80 465 units $43.80 Dan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase uly 38 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 1,465 units $30,492 1,125 units Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Hemming uses a perpetual inventory system. 1. Det 3. Compute the gross margin for FIFO method and LIFO method. ermine the costs assigned to ending inventory and to cost of goods sold using FIFO. er mine the costs assigned to'ending inventory and to cost of goods sold using LIFO