Required information [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales Units Sold at Units Acquired at Cost Retail 265 units $12.60 a =$ 3,339 @ 225 units $42.60 430 units $17.60 7,568 @ 370 units $42.60 465 units $22.60 a = 10,509 @ 440 units $42.60 165 units $27.60- 4,554 1,325 units $25,970 1,035 units July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 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. Complete this questions by entering your answers in the below tabs. Required Required Required 1 2 3 Complete this questions by entering your answers in the below tabs. Required Required Required 1 2 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost Cost Date # of # of units Cost of per per Inventory units sold # of units Goods Sold unit per unit Balance $ January 1 _$ 12.60 3,339.00 January 10 March 14 unit 265 @ March 15 July 30 October 5 October 26 Totals Required 1 Required 2 >