Refer to the information in Exercise 5-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using

(a) FIFO

(b) LIFO

(c) Compute the gross profit for each method.

Data form Exercise 5-8

Hemming Co. reported the following current year purchases and sales for its only product.

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Date Jan. 1 Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Beginning inventory.... Sales..... Purchase Sales.... Purchase Sales... Purchase Totals. .... Units Acquired at Cost 200 units @ $10= $ 2,000 350 units @ $15= 5.250 450 units @ $20= 9,000 100 units @ $25= 2,500 $18,750 1,100 units Units Sold at Retall 150 units @ $40 300 units @ $40 430 units @ $40 880 units