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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Units Acquired at Cost) 200 units $10 = $ 2,000 Units Sold at Retail 150 units $40 350 units $15 => 5,250 300 units $40 450 units $20 9,000 430 units $40 Oct.26 Purchase Totals 100 units $25 1,100 units. 2,500 $18,750 880 units Mar.15 Sales July30 Purchase Oct. 5 Sales 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 question by entering your answers in the tabs below. my www Perpetual FIFO Goods Purchased #of Date units Cost per unit # of units sold Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Inventory Balance Cost per unit Inventory Balance Cost of Goods Sold Cost per unit Cost of Goods Sold # of units January 1 200 @ $10.00 $ 2.000.00 January 10 March 14 1 March 15 July 301 October 5