10 14 points Required information [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product Date January 1 ellock January 10 March 14 March 15 July 30 October October 26 P H 10 10 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Total Seved Units Acquired at Coas 225 unite 340 it $11.00- $2,475 $16.00- Units sold at Betail 150 unit 5,440 300 unite $43.00 . 041.00 425 unit $21.00- 8,925 395 $41.00 125 unite 1,115 unite $26.00 - 3,250 20,090 845 unite Hemming uses a periodic inventory system. laj Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (c) Compute the gross profit for each method. Periodic FIFO Beginning inventory Purchases March 54 July 30 October 25 Tistal Pariodic LFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of unite Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods Sald of units in anding Cost per un Inventory Ending inventory July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases March 14 July 30 October 2 Total Gross profe Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods of units in ending Cost per unit Ending Inventory Sold Inventory LIFO MacBook Pro