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 Units Acquired at Cost Jan Beginning 270 units s2.80-$ 3,456 Jan.10 Sales Jan. 1 inventory 220 units $42.80 Mar.14 Purchase 400 units 20- 7,120 340 units $42.80 Mar.15 Sales July30 Purchase 470 units Oct. 5 Sales - 10,716 440 units 542.80 = 4,726 $26,018 1,000 units 2 Oct.26 Purchase Totals 170 units 1,310 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 Required Required 23 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Cost # of units Cost Cost of Inventory Balance Cost Inventory Balance unit # of units # of units Date per per per per unit # of units Sold unit Goods Sold January 1 270 @ 12 801 3.456.00 TI T January 10 March 14 March 15 July 30 TAHITI October 5 October 26 Totals $ 0.00 Required 1 Required 2 >