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Required information 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 Date Units Acquired at Cost 205 units @ $10.20 $2,091 16e units @ $40.20 3ee units $15.20 4,560 250 units @ $40.20 Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 400 units $20.20 - 1.00 375 units @ $40.2 $25.20 - 105 units 1,010 units 2,646 $17,377 285 units Exercise 6-7 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 UFO 3. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required information Required Requires 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per unit Inventory Balance # of units Cost per Inventory unit Balance 205 @ S 10.20 - $ 2,091.00 January 1 January 10 March 14 March 15 October 26 $ 0.00 Totals

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