art 1 of 2 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. 9 Date ints eBook January 11 January 10 March 14 March 15 July 301 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 200 units $10 Units Sold at Retail, $ 2,000 150 units $40 350 units # $15 5,250 300 units @ $40 450 units 8 $20 9,000 430 units $40 100 units 1,100 units $25 2,500 $ 18,750 880 units Hint Print References 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 Cost of Goods Available for Sale Beginning inventory Purchases: March 14 July 30 October 26 Total Cost of Goods Sold Number of Ending Inventory Number of units Cost per unit Cost of Goods Number Available for Sale of units Cost per unit Cost of Goods Sold units in ending sold inventory 200 $ 10.00 $ 2,000 200 $ 10.00 $ 2,000 Cost per unit Ending Inventory 350 $ 15.00 5,250 305 $ 15.00 4,575 450 $ 20.00 9,000 375 $ 20.00 7,500 100 $ 25.00 2,500 -10-100 100 $25.00 2,500 1,100 $ 18,750 880 $ 14,075 100 2,500 W b) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Purchases: Cost of Goods Sold Ending Inventory Number of Cost of Goods Number of units Cost per unit Available for Sale Number of units Cost per unit Cost of Goods Sold ending units in Cost per unit Ending Inventory sold inventory 200 $ 10.00 $ 2,000 March 14 350 $ 15.00 5,250 July 30 450 $ 20.00 9,000 October 26 100 $ 25.00 2,500 Total 1,100 $ 18,750 $ 0 c) Gross Profit FIFO LIFO Cost of goods sold Cost of goods sold Gross profit