[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 245 units @ $11.80 = $ 2,891 Units Sold at Retail 190 units @ $41.89 390 units @ $16.80 = 6,552 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $41.80 445 units @ $21.80 - 9,701 430 units @ $41.80 - 145 units @ $26.80 1,225 units 3,886 $23,030 970 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. 3 4 of 5 !!! Next > Required information Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Date # of units s old Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance # of units Cost per Inventory unit Balance 245 @ $ 11.80 = $ 2,891,00 January 1 January 10 March 14 March 15 July 30 July 30 October 5 October 26 Totals Required 2 Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased #of Cost per units unit Cost of Goods Sold of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Wof units Cost per inventory unit Balance 245 @ $ 1180 = $ 2,891.00 January 1 January 10 March 14 March 15 July 30 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 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin