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. pate Activities Units Acquired at Cost 200 units Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales $10 -$2,000 150 units $40 Mar.14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units e $40 July30 Purchase Oct. 5 Sales 450 units 9,00 e $20 40 430 units Oct. 26 Purchase 100 units e $25 2,500 Totals 1,100 units $18,750 880 units Exercise 6-7 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. es Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 1 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: ACTAVALIes URACH AquAreu at COBL Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase 200 units e $10 $2,000 e $40 150 units 350 units e $15 5,250 Mar.15 Sales 300 units e $40 July30 Purchase Oct. 5 Sales e $20 450 units 9,000 430 units @ $40 Oct.26 Purchase 100 units e $25 2,500 Totals 1,100 units $18,750 880 units Exercise 6-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory Unit Cost Units Ending Inventory Cost Unit Cost Units Sold Date Activity Units Unit Cost COGS Beginning Inventory Purchase Purchase Purchase 0.00 $ 0.00 $ 0.00 0.00 $ Jan. 1 200 C S Mar. 14 350 $ 0.00 450 S 0.00 July 30 100 0.00 0.00 0 Oct. 26 $ C 0 1,100 0 b) Gross Margin using Specific Identification Less Equals