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 285 units @ $13.40 = $ 3,819 250 units @ $43.40 470 units @ $18.40 8,648 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 400 units @ $43.40 485 units @ $23.40 = 11,349 460 units @ $43.40 185 units @ $28.40 1,425 units 5,254 $29,070 1,110 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: 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 Cost of Goods Sold Inventory Balance Date # of Cost # of units Cost Cost of Goods Cost Inventory # of units units per unit sold Sold per unit Balance January 1 285 S 13.40 = S 3.819.00 January 10 S 13.40 $ 3,350.00 35 $ 13.40 = S 469.00 per unit 250 March 14 470 @ $18.40 35| @ @ @ @ GO S S 13.40 = S 18.40 = 469.00 8.848.00 470 @ S 9. 117.00 March 15 35 @ = $ 0 @ S 13.40 S 18.40 S 13.40 = S 18.40 = 366 @ = 469.00 6.716.00 $ 7.185.00 = 1051 S 1.932.00 1.932.00 S July 30 October 5 October 26 Totals $ 10,535.00 Required Required 2 > 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 LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost # of units Cost Cost of Goods Cost Date Inventory units # of units sold Sold per unit per unit Balance January 1 285 @ $ 13.40 = $ 3.819.00 January 10 per unit March 14 March 15 July 30 October 5 October 26 Totals S 0.00 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