3.Award: 2 out of 2.00 points2 out of 2.00 pointsScore:Score:10/10Points100%[The following information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1 Beginning inventory230 units@ $11.20=$ 2,576 Jan. 10 Sales160 units@ $41.20Mar. 14 Purchase350 units@ $16.20=5,670 Mar. 15 Sales320 units@ $41.20July 30 Purchase430 units@ $21.20=9,116 Oct.5 Sales400 units@ $41.20Oct. 26 Purchase130 units@ $26.20=3,406 Totals1,140 units$20,768880 unitsRequired: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.!Required 2Required 3"Complete this questions by entering your answers in the below tabs.Compute the gross margin for FIFO method and LIFO method.