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 285 units @ $13.40 $ 3,819 250 units @ $43.40 470 units @ $18.40 8,648 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 400 units @ $43.40 485 units @ $23.40 11,349 460 units @ $43.40 185 units @ $28.40 5,254 $29,070 Totals 1,425 units 1,110 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. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold Sold Date unit Inventory Balance Cost per # of units Inventory unit Balance 285 @ $ 13.40 = $ 3,819.00 January 1 January 10 250 @ March 14 470 @ $18.40 @ $18.40 March 15 35 400 $18.40 = July 30 485 @ $ 23.40 @ $18.40 @ $ 23.40 October 5 430 October 26 185 @ $ 28.40 $ 28.40 Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 285 @ $ 13.40 = $ 3,819.00 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