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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 Units Acquired at Cost 225 units $11. 0 2 en beginning inventory . 150 units $41.00 3 units $16.00 5,440 300 units $41.00 435 units $21.00 8,925 195 units $41.00 526.00 3.25e 125 units 1.115 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 FFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LFO. 3. Compute the gross margin for FIFO method and LIFO method Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FEO: Goods Purchased Costel Goods Sold Bonecoste Cost of Goods Date Inventory Balance Cost per weer 5 11.00 - $ 2475.00 January 1 225 March 18 Regled 2 > 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 UFO method Complete this questions by entering your answers in the below tabs. Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual Inventory Balance Cost of Goods Sold of units Cost per Cost of Goods Cost per 225 @ $ 11.00 2.675 00 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. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Compute the gross margin for FIFO method and LIFO method. FIFO L IFO Less: Cost of goods sold Gross margin

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