c) Gross profit \begin{tabular}{|l|rr|rr|} \hline & \multicolumn{2}{|c|}{ FIFO } & \multicolumn{2}{c|}{ LIFO } \\ \hline Sales & $ & 35,200 & $ & 35,200 \\ \hline Cost of goods sold & & 13,850 & & 16,450 \\ \hline Gross profit & $ & 21,350 & $ & 18,750 \\ \hline \end{tabular} [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. c) Gross profit \begin{tabular}{|l|rr|rr|} \hline & \multicolumn{2}{|c|}{ FIFO } & \multicolumn{2}{c|}{ LIFO } \\ \hline Sales & $ & 35,200 & $ & 35,200 \\ \hline Cost of goods sold & & 13,850 & & 16,450 \\ \hline Gross profit & $ & 21,350 & $ & 18,750 \\ \hline \end{tabular} [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product