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 Sold at Retail Units Acquired at Cost 260 units @ $12.40 - $ 3,224 215 units @ $42.40 420 units @ $17.40 7,308 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 380 units @ $42.40 460 units @ $22.48 1,384 425 units @ $42.48 = 160 units @ $27.40 1,300 units 4, 384 $25,228 1,020 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 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods unit Sold Date Inventory Balance Cost per of units Inventory unit Balance 260 @ $ 12.40 - $ 3,224.00 sold January 1 January 10 215 @ $ 12.40 $ 2,666.00 $ 12.40 = March 14 March 15 July 30 October 5 October 26 Totals $ 2,666.00 NURUL NATURE 2 Required information Perpetual UFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold 8 of units Cost per Cost of Goods sold unit Sold Inventory Balance of units Cost per Inventory unit Balance 260 @ 5 12 40 $ 3.224.00 Boak January 1 January 10 March 14 Hint March 15 erences July 30 October 5 October 26 Totais 5 0.00