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 Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 unita 510 - $2,000 Jan. 10 Sales 150 units $40 Mar.14 Purchase 350 units $25 5,250 Mar.15 Sales 300 units 2 540 Julyo Purchase 450 units $20 9,000 Oct. 5 Salon 430 units $40 det.26 Purchase 100 units 0.525 2.500 Total 1.100 units $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 # of units Cost per Cost of Goods Inventory of units unit sold unit Balance January 1 200 $ 10.00 = $ 2.000.00 January 10 Cost per Cast per Sold unit March 14 March 15 July 30 October 5 October 28 Total $ 0.00 Required 2 > Required Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using UFO. Perpetual LIFO Goods Purchased of Cost per Cont of Goods Sold of units Cost per Cost of Goods sold Date Inventory Balance Cost per Inventory of units unt Balance 200 a $ 10.00 = $ 2.000.00 Sold January 10 March 14 March 15 July 30 October 5 October 20 $ 0.00 (Required 1 Rand 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