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 Units Acquired at Cost 225 units 511.00 - $ 2,475 340 units $16.00 - 5,440 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 150 units 300 units 541.00 541.00 425 units $21.00 - 395 units 541.00 $26.00 - 125 units 1.115 units 3,250 $20,000 645 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Required information Required Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased of Cost per Cost of Goods Sold of units Cost per Cost of Goods Inventory Balance olunt Cost per inventor Balance 225 @ $ 1100 - $ 2.475.00 January 10 Prey 1 of 1 Ned Required information Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIO: Goods Purchased # of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods Date sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 225 @ $ 11,00 = $ 2.475 00 January 1 January 10 March 14 March 15 1,115 units $20,090 345 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. 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