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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 = $ 2,576 Jan. 10 Sales 160 units @ $41.20 Mar.14 Purchase 350 units @ $16.29 5,670 Mar.15 Sales 320 units @ $41.28 July 30 Purchase 430 units @ $21.29 9, 116 Oct. 5 Sales 4ee units @ $41.29 Oct. 26 Purchase 130 units @ $26.20 3,406 Totals 1,140 units $20,768 880 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Perpetual FIFO: Goods Purchased # of Cost units Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date per unit Inventory Balance Cost # of units Inventory per unit Balance 230 @ S 11.20 = $ 2.576.00 January 1 January 10 180 S 11.20 = $ 1,792.00 70 @ S 11.20 = S 784.00 March 14 350 @ $ 18.20 70 @ S 11.20 = S 784.00 350 S 16.20 = 5.670.00 S 8.454.00 March 15 II in 0.00 S 11.20 S 10.20 @ @ 0.00 July 30 October 5 October 28 Totals S 1.792.00 Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost # of units Cost Cost of Goods Cost Date Inventory units per unit sold per unit # of units Sold per unit Balance January 1 230 @ S 11.20 = $ 2.576.00 January 10 March 14 March 15 July 30 October 5 October 26