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The following information applies to the questions displayed below) Hemming Co reported the following current-year...

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Accounting

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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 250 units $12.40 HS 3,224 215 nits 8 $42.40 420 units $17.40 7.00 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 38 units @ $42.40 460 unit.522.40 10,304 425 units 542.48 160 units $27. 1,300 units 4,38 $25,220 1,020 unit 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 2 Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, Perpetual FIFO Goods Purchased # of Date Cost per Cost of Goods Sold Cost of units sold Cost of Goods perunt Sold Inventory Balance Inventory Mof units per unit Balance Cost

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