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. Units Sold at Retail Units Acquired at Cost 235 units @ $11.40 = $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,904 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 290 units @ $41.40 435 units a $21.40 = 9,309 410 units @ $41.40 135 units @ $26.40 = 3,564 1,165 units $21,456 870 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. Required information Required 1 Required 2 Required 3 12 points Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: eBook Goods Purchased # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost # of units Inventory per unit Balance 235 @ $11.40 = $ 2,679.00 January 1 Hint January 10 March 14 360 @ $16.40 290 Ask 290 @ $16.40 = 4,756.00 $ 4,756.00 Print March 15 @ $ 16.40 0.00 References July 30 4351 @ $21.40 $21.40 October 5 October 26 Totals $ 0.00 Required 1 Required 2 > 12 points Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. .. eBook Perpetual LIFO: 000 Goods Purchased # of Cost units per unit Cost of Goods Sold # of units Cost Cost of Goods sold per unit Sold Date Inventory Balance Cost # of units Inventory per unit Balance 235 @ $11.40 = $ 2,679.00 Hint January 1 Ask January 10 March 14 Print March 15 References July 30 October 5 October 26 Totals $ 0.00 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