The following information applies to the questions displayed below) Hemming Co reported the following current year purchases and sales for its only product 150 units 542 40 Jan 1 Beginning inventory Jon Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct 5 Sales Oct 26 Purchase Units Acquired at Cost 160 units $12.40 - $ 1984 310 units 517.40 450 units $22.40- 600 units $2740 - 200 units $42.40 240 units $4240 Tata's 1590 unit Required Hemming uses a perpetual inventory system 148 ports Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FEO Goods Purchased Cost of Goods Sold Ion Pace Date C o ns CO Cost of Goods of Co n ventory January 1 150 e5124010 Day 10 EUR March 15 D Hints Boton 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 s old per unit per unit Sold Inventory Balance Cost Inventory # of units per unit Balance 160 @ $12.40 = 1,984.00 Date January 1 I March 14 March 15 July 30 Odober 5 11 October 26 Totals Compute the gross margin for FIFO method. Required Information FIFO: Sales revenue Less: Cost of goods sold Gross margin Date Units Acquired at Cost Units Sold at Re Activities Beginning Jan 1 160 units $12.40 = $ 1,984 inventory Jan. 10 Sales 150 units $42.40 Mar. 14 Purchase 310 units @ $17.40 - 5,394 Mar. 15 Sales 200 units $42.40 July 30 Purchase 460 units 22.40 = 10,304 Compute the gross margin for LIFO method. Oct. 5 Sales 240 units $42.40 FO Sales revenue Less: Cost of goods sold Gross margin Oct 26 Purchase 660 units @ $27.40 = 18,084 Totals 1,590 units $35,766 590 units Required Hemming uses a perpetual inventory system