! Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.) Hemming Co, reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Salon July30 Purchase Oct. 5 Salen Oct.26 Purchase Totals Units Required at Conti U Bold Retail 295 units @ $13.80 $4,071 240 unit 6430 480 units $18.80 9,024 420 units $43.80 495 units $23.80 - 11,781 465 units $43.80 195 units e $28.80 - 5,616 1,465 units $30,492 1,125 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. Roquired 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Prev 1 of 1 !!! Next Required information Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of # of units Date Cost of Goods units Inventory unit sold unit Sold # of units unit Balance January 1 295 a $ 13.80 $ 4,071.00 January 10 March 14 Cost per Cost per Cost per March 15 July 30 October 5 October 26 Totals HRM 495 units @ $23.80 - 11,781 465 units @ $43.80 July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 195 units @ $28.80 1,465 units 5,616 $30,492 1,125 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. 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