10 points eBook Hint Print References [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @ $13.20 = @ $18.20 = a) Periodic FIFO 280 units 460 units 480 units 180 units 1,400 units @ $23.20 = Cost of Goods Available for Sale @ $28.20 = $ 3,696 8,372 11,136 Hemming uses a periodic inventory system. (a) 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. 5,076 $ 28,280 Units Sold at Retail 240 units 410 units 450 units 1,100 units Cost of Goods Sold @ $43.20 @ $43.20 @ $43.20 Cost of Goods # of units in

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. Hemming uses a periodic inventory system. (a) Determine the sosts 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 UFO. (c) Compute the gross profin for each method