Use the following information for the Exercises below. [The following information applies to the questions displayed below.j Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Sold at Retail 240 units $43.20 410 units $43.20 450 units$43.20 Activities 280units @ $13.20 $ 3,696 460 units $18.208,372 480 units$23.20 11,136 180 units $28.205,076 Totals 1,400 units $28,280 1,100 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 oods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold #of units cost per Inventory unit Date Balance 28013.20 3,696.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Perpetual LIFO Good Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Date Cost per unit Cost of Goods Sold Cost per unit Inventory Balance # of units January 1 28013.20S3,696.00 anuary 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