16 Required information art 1 of 2 Use the following information for the Exercises below. The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 280 units @ $13.20 = $ 3,696 Units Sold at Retail eBook 240 units @ $43.20 460 units @ $18.20 - 8,372 eferences Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 480 units @ $23.20 - 11,136 410 units @ $43.20 450 units @ $43.20 180 units @ $28.20 1,400 units 5,076 $28,280 1,100 units Exercise 5-7 Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: 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 margin for each method. Complete this question by entering vour answers in the tabs below. Required information Required: 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 margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost of Goods Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total ( Required A Required B >