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 Mar.15 Sales July 30 Purchase Oct. 5 Sales Units Acquired at Cost 205 units $10.20 $2,091 300 units @ $15.20 - 4,560 400 units $20.20 = 8,080 Oct.26 Purchase Totals 105 units $25.20 - 2,646 1,010 units $17,377 Units Sold at Retail 160 units $40.20 250 units @ $40.20 375 units $40.20 785 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.