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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. Activities 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 300 units $14.00$ 4,200 520 units @$.19.00 9,880 500 units $24.0012,000 units @$.29.00 = 5,800 Units Sold at Retail 250 units $44.00 460 units $44.00 480 units $44.00 Totals 1,520 units $31,880 1,190 units quired emming 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 Perpetual FIFO: hase Inventory Balance Cost per | # of units sold | Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units units unit unit January 1 January 10 March 14 300 14.00 4,200.00 March 15 July 30 October5 October 26 Totals $ 0.00 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO: chased Inventory Balance Cost per unit # of units sold ost of Goods Sold Inventory Balance | Cost per | C | | cost per unit 0 Date # of units units units unit January 1 January 10 March 14 300 14.00 4,200.00 March 15 July 30 October5 October 26 Totals $ 0.00 Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO LIFO: Sales revenue Less: Cost of goods sold Gross margin

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