Required information Use the following Information for the Exercises below. The following information applies to the questions alsplayed below.) Hemming Co. reported the following current year purchases and sales for only product ti Soldat Retail al. 1 Beginning my auts $13:20 - $3, Jal Sales 248 units $43.22 Mar. 14 Purchase baits $18.20 - 8,372 Mars Sales Julys Purchase 498 units $23.22 - 11.136 OLL. S Sales 258 units $13.20 Oct. 26 Purchase 188 uits $28.22 5,875 Totals 1,400 its $28,24 1,100 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Hemming Uses & perpetual Inventory system 1. Determine the costs signed to ending inventory and to cost of goods sold using FIFO 2 Determine the costs scegned to ending inventory and to cost of goods sold using UFO. 3. Compute the gross margin for FIFO method and LIFO method Complete this questions by entering your answers in the below tabs. Recured 1 und 2 Rain 3 Determine the costs accioned to ending Inventory and to cost of coods sold in FIFO. Perpetual FIFO Goods Purchased Coctor Ocode Bold Inventory Balans Data # of Cout of unit Doct Coct of Goods Ooct Inventory units per unit per unit Bold of units per unit Balance January 200 $13.20 $ 3.696.00 Lanary 10 240 513.20 $12.00 513.20 = 5 524.00 March 14 told March 15 ya Odinbors October 25 Total $216.00 Required 2 > Required Hemming ure s perpetual Inventory system. 1. Determine the costs saignes 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 UFO. 3. Compute the gross margin for FO method and LIFO method Complete this questions by entering your answers in the below tabs. und 1 Determine the costs assigned to ending inventary and to cost of goods sold using LIFO. Perpetual LIO: Goods Purchacad of Dost units per unit Cost of Good Bold #of unit Coct Coct of Goods cold per unit Bold Inventory Balenog of unit Cott Inventory per unit Balans 280 $13.20 = 5 3.696.00 Date oncert Lay 10 March 14 March 15 Buy 30 Odabers October Totals 0.00 Required 1 Required 3 > Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Hemming us perpetual Inventory system. 1. Determine the costs saigned to ending inventory and to cont of goods sold using FIFO. 2. Determine the costs saigned to ending inventory and to cost of goods sold using UFO 3. Compute the gross margin for FIFO method and LIFO method Complete this questions by entering your answers in the below tabs. Med 1 Red 3 Compute the grass margin for FIFO method and LFD method... FIFO: LIFO Sales reven Less: Cost of goods sold Gross mergin