Required Information Use the following Information for the Exercises below. The following information applies to the questions displayed below] Hemming Co. reported the following currenit-year purchases and sales for its only product Activities Units Acquired cost this Sold at Retail Jan. 1 Beginning inventory 200 units se - $ 2.000 150 units $40 Mar 14 Purchase 350 units $15 Mar. 15 Sales 100 units #540 July 20 Purchase 450 units 520 9,00 Oct. 5 Sales 4 units 540 Oct.2 Purchase 100 units $25 Totals 1,100 units e units Exercise 6-7 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 cos assigned to ending inventory and to cost of goods sold using UFO 2. Compute the gross margin for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required Required 2 Determine the outsigned to ending inventory and to cost of goods sold using FIFO. Pere Cast Goods Sold Date Cost Cost Cost of Goods old per unit Sold of units Cost per unit OP > 8 Required information Required 1 Required 2 Required 3 3.5 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual Goods Purchased Cost of Goods Sold Inventory Balance of Date Cost of units Cost Cost of Goods Cost Inventory units perunt sold per unit of units Sold per unit Balance January 1 200 $ 10.00 - $ 2,000.00 January 10 March 14 March 15 lo July 30 October 5 October 20 $ 0.00 Required 2 > 8 ed1 Determine the costs assigned to ending inventory and to cost of goods sold using UFO. Cost Cost Goods Sold of units Cost Cost of Goods Per un Sold funts Inventory Balance Cost Inventory per unit 200 510.00 - $ 2.000.00 October To $ 0.00 Type here to search 2 15 8 Units sold at Retail Units Acquired at Cost 200 units $ 2.000 350 units $15 5,250 150 units 140 Activities Jan. 1 Deginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 sales July 30 Purchase Oct. 5 Sales Oct. 20 Purchase Totals 300 units 9,000 450 units $20 100 units $25 1.100 units 48 units 540 3. See $18,750 8 units Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required Homming 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. w Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Lens cost of poods sold Type here to search