[The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 300 units e $14.00 - $ 4,200 250 units @ $44.00 520 units e $19.00 - 9,880 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 460 units @ $44.00 500 units @ $24.00 = 12,000 480 units e $44.00 200 units @ $29.00 1,520 units 5,800 $31,880 1,190 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