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 275 units @ $13.00 = $ 3,575 230 units @ $43.00 450 units @ $18.00 . 8,100 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 @ $43.00 475 units @ $23.00 10,925 455 units @ $43.00 = 175 units @ $28.00 1,375 units 4,900 $27,500 1,085 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. Recuired 1 Required 2 Requires a Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased of Cost units per unit Cost of Goods Solid of units Cost Cost of Goods sold Sold per unit Inventor Balance Cost Inventory of units Balance 275 $ 13.00 - 3 2.875.00 January 1 January 10 March 14 March 15 JUY 30 October 5 October 26 Totals Required 2 > Required 1 Realired 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO Goods Purchased of Cost units per unit Cost of Goods Sold of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost Inventory of units per unit Balance 275 S 13.00 = S 3.575.00 January 1 January 10 March 14 March 15 Juy 30 October 6 October 28 Totals Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sa es revenue Less Cost of goods sold Gross margin