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 210 units @ $10.40 - $ 2,184 310 units @ $15.40 - 4,774 170 units @ $40.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 270 units @ $40.40 410 units @ $20.40- 8,364 380 units @ $40.40 110 units e $25.40 - 1,040 units 2,794 $18, 116 820 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. Perpetual FIFO: 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 210 $10.40 $ 2,184.00 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals $ 0.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance Inventory #of units unit Balance 210 $ 10.40 $ 2,184.00 January 1 January 10 March 14 March 15 |July 30 October 5 October 26 Totals $ 0.00 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Loss: Cost of goods sold Gross margin