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 Acquired at Cost Units sold at Retail 200 units 2510 - $2,000 150 units $40 Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct 5 Salon det.26 Purchase 350 units $15 5,250 300 units $40 450 units 520 9,000 430 units $40 100 units $25 1.100 units 2.500 $18.750 BB0 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. Required Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goode Purchased Cost of Goods Sold Inventory Balance Cost per #of units Cost per Cont of Goods Cast per Die Inventory of units sold unit unit Balance January 1 200 $ 10.00 = $ 2.000.00 Sold January 10 March 14 March 15 July 30 October October 28 Total $ 0.00 Required 2 > Required Required 2 Required 3 0277 Determine the costs assigned to ending inventory and to cost of goods sold using UFO. Perpetual LEO Goods Purchased of Cost per sanit Cost of Goods Sold of unit Cost per Cost of Goods sold unit Sold Dan Inventory Balance Cost per Inventory of units Balance 200 $10.00 = $ 2,000.00 January 10 March 14 March 15 July 30 Globe 5 October 20 T $ 0.00