Activities Beginning inventory Sales 470 units Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 Purchase Units Sold at Retail Units Acquired at Cost 205 unite $13.40- $3,819 250 units 543.40 $18.40- 8,648 March 15 July 30 Sales Purchase October 5 October 26 Sales Purchase Totals 400 units + $43.40 485 units $23.40- 11,349 460 units + $43.40 185 units 1,425 units 528.40- 5,254 $ 29,070 1,110 units 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. a) Periodic FIFO Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases March 14 July 301 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale October 20 Total c) Gross profit FIFO LIFO $ Cost of Goods Sold Ending Inventory Number of units sold Cost of Goods Cost per unit Sold Number of units in ending inventory Cost per unit Ending Inventory.