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Required information (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 @ $41.00 340 units @ $16.00 - 5,440 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 300 units @ $41.00 425 units @ $21.00 = 8,925 395 units @ $41.00 - 125 units @ $26.00 1,115 units 3,250 $20,090 845 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. Complete this questions by entering your answers in the below tabs. Required information March 15 11.00 U 11 00 75 225 @ 115 @ 16.00 $ 1,840.00 3,600.00 54.425.00 16.00 $ 1,840.00 July 30 425 @ 2100 0 11.00 1,840.00 115 425 @ @ 16:00 21.00 8,925.00 $10,765 00 October 5 00 11.00 @ @ @ 11.00 16:00 - - 115 105 $ 0.00 1840.00 2,205.00 $4,045.00 2,00 @ 21.00 6,720.00 $ 6,720.00 October 26 125 @ 2500 @ o 0 320 125 6,720.00 3,250.00 @ C007