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 270 units @ $12.80 = $ 3,456 220 units @ $42.80 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 400 units @ $17.80 7,120 340 units @ $42.80 470 units @ $22.80 10,716 440 units @ $42.80 170 units @ $27.80 1,310 units 4,726 $26,018 1,000 units Totals Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 ME B W X Required information 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: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 270 @ S 12 80 = $ 3 456 00 Date January 1 N C Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Inventory Balance Cost per Inventory # of units unit Balance 270 @ $ 12.80 = $ 3.456 00 January 1 January 10 March 14 March 15 July 30 11 12 of 12 W CI Required information March 15 July 30 October 5 October 26 11 12 of 12 w 1 Costing Saved Help Save & EXE Checl Required information October 5 October 26 $ 0.00 Totals Required 2 > 12 of 12 Next > w nanan 11 Check Required information March 15 July 30 October 5 October 26 of 12 + 11 12 Next > 11 Next > of 12 1112 of W