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 220 units @ $10.80 $ 2,376 = 190 units @ $40.80 330 units @ $15.80 = 5,214 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 280 units @ $40.80 420 units @ $20.80 = 8,736 390 units @ $40.80 = 120 units @ $25.80 1,090 units 3,096 $19,422 Totals 860 units xercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Fequired: lemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. . Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. . Compute the gross margin for FIFO method and LIFO method. Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 220 @ $ 10.80 = $ 2,376.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Powired Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost of Goods sold unit Sold Cost per Date Inventory Balance # of units Cost per Inventory unit Balance 220 @ $ 10.80 $ 2,376.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin