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 225 units @ $11.00 - $ 2,475 units Sold at Retail 150 units @ $41.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 340 units @ $16.00 5,440 300 units @ $41.00 425 units @ $21.00 8,925 395 units @ $41.00 125 units @ $26.00 1,115 units 3,250 $20,090 Totals 845 units 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of units Date Cost per unit Cost of Goods Sold # of units Cost of Goods sold Sold Cost per Cost per Inventory Balance Inventory # of units unit Balance 225 @ $ 11.00 $ 2,475.00 January 1 January 10 150 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Roni Round Perpetual LIFO: Goods Purchased # of units Cost per Cost of Goods Sold # of units Cost of Goods sold unit Sold Date Cost per Inventory Balance Inventory #of units Balance 225 @ $ 11.00 = $ 2,475.00 Cost per unit unit January 1 January 10 March 14 March 15 July 30 October 5 October 26 s Totals $ 0.00 FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin