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 @ $11.00 = $ 2,475 150 units @ $41.00 340 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 425 units @ $21.00 = 8,925 300 units & $41.00 395 units @ $41.00 = 125 units @ $26.00 1,115 units 3,250 $ 20,090 845 units Exercise 5-9A Perpetual: Inventory costing system LO P3 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 question by entering your answers in the tabs below. 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 Goods Purchased # of units Date Cost per unit Cost of Goods Sold # of units Cost Cost of Goods per sold Sold unit # of units Inventory Balance Cost Inventory per Balance unit $ 2,475.00 January 1 January 10 1500 @ 41.00 - $ 6,150.00 825.00 225 @ 75 @ 750 @ 340 @ 11.00 11.00 1.00 16.00 March 14 340 @ 46.00 = $ 825.00 5,440.00 $ 6,265.00 March 15 75 @ 12.00 = 1.00 @ @ S 825.00 3,600.00 $ 4,425.00 11.00 16.00 25 @ 16.00 115 $ 1,840.00 $ 1,840.00 July 30 425 @ 100 @ 21 00 11.00 1,840.00 115 425 @ @ 16.00 21.00 8,925.00 10,765.00 October 5 @ 11.00 = $ 0.00 11.00 1,840.00 16.00 0 @ 00@ 280 @ 115 280 16.00 @ 21.00 5,880.00 $ 7,720.00 21.00 = 5,880.00 $ 5,880.00 October 26 125 @ @ 11.00 16.00 5,880.00 280 @ 1250 @ 21.00 26.00 3,250.00 Totals $ 9,130.00 18.295.00