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 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 Units Acquired at Cost 240 units @ $11.68 - $ 2,784 370 units @ $16.60 6,142 180 units @ $41.60 330 units @ $41.60 440 units @ $21.60 9,504 415 units @ $41.60 140 units @ $26.68 1, 190 units 3,724 $22,154 925 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Perpetual LIFO Goods Purchased Date # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance Cost # of units Inventory per unit Balance 240 @ $ 11.60 = $ 2,784.00 January 1 January 10 180 @ $ 11.60 = $ 2,088.00 60 @ $ 11.60 = $ 696.00 March 14 370 @ $ 16.60 60 @ 3701 @ $ 11,60 = $16.60 - $ 696.00 6.142.00 $ 6,838.00 March 15 $ 60 @ $ 11.60 $ 16.60 0.00 0.00 @ $ 11.60 $16.60 - 120 $ 696.00 1,992.00 $ 2,688.00 July 30 4401 @ $21.60 60 @ 120 @ 440 $ 11.60 = $16.60 = $21.60 = $ 696.00 1.992.00 9.504.00 $ 12.192.00 120 440 @ 10.00 $21.60 = 1,992.00 9,504.00 $ 12.192.00 October 5 @ $ # 1 $ 11.60 $ 16.60 $21.60 0.00 0.00 0.00 60 @ 120 @ 10 @ $ 11.60 = $16.60 = $21.60 = $ 696.00 1,992.00 216.00 $ 2,904.00 @ October 26 1401 $26.60 601 120 @ 101 $ 11,60 = $16.60 $21.60 $26.60 $ 696.00 1,992.00 216.00 3,724.00 $ 6,628.00 140 @ Totals $ 2.088.00 ho 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