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 245 units $11.00 - $ 2,891 Units sold at Retail 190 units@ $41.30 390 units $16.80 - 6,552 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units $41.50 445 units $21. 430 units $41.se 145 units 1,225 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required information Perpetual FIFO: Goods Purchased of Cost per units unit Date Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 245 @ $ 11.80 - $ 2,891.00 January 1 January 10 nuary 10 March 14 March 15 July 30 October 5 October 26 Required 1 Required 2 > Required information Perpetual LIFO: Goods Purchased Cost per units unit Date of Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance # of units Cost per Inventory unit Balance 245 @ S 1180 - $ 2,891.00 January 1 March 14 March 15 UT July 30 October 5 October 26 Totals Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin