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. Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 290 units $13.603,944 500 units $18.609,300 490 units $23.6011,564 190 units $28.605,434 260 units $43.60 430 units $43.60 470 units $43.60 Totals 1,470 units $30,242 1,160 units ces 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 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. Next >