The following information applies to the questions displayed below.j Hemming Co. reported the following current-year purchases and sales for its only product. Activities Date Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Units Acquired at Cost 265 units $12.60$ 3,339 430 units $17.607,568 465 units $22.6010,509 165 units @ $27.60 . 4,554 Units Sold at Retail 225 units $42.60 370 units $42.60 440 units $42-60 Totals 1,325 units $25,970 1,035 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: oods Purchased ost of Goods ld Inventory Balance #of units Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost perInventory Balance Date # of units unit January 1 January 10 March 14 265$12.60$ 3,339.00 430 $ 17.60 $17.60 March 15 July 30 October 5 October 26 Totals $ 0.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: oods Purchased st of Goods ld Inven Balanc #of units Cost per | unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units January 1 January 10 March 14 265$12.60$ 3,339.00 March 15 July 30 October 5 October 26 Totals $ 0.00