Check my work 7 ! 3.75 points Required information (The following information applies to the questions displayed below) Hemming Co. reported the following current year purchases and sales for its only product Date Activities this great com Unit Sold Jan. 1 Beginning inventory 215 units 510.60 - $2,279 Jan. 10 Sales TBOnits $40.60 Mar.14 Purchase 320 units $15.00 - 4.192 Mar. 15 Salon 260 units $40.60 July 30 Purchase 415 unit $20.60 8.549 Oct. 5 sale 400 unit. $40.60 Oct. 26 Durchase 115 unit ! $25.60 2,340 Totais 1.065 units $11, 164 40 units Print Betrecer 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. a) Periodic FIFO Cost of Goods Available for Sale 375 points Cost of Goods Sold Ending Inventory Cost of Goods of units Cost per Available for unit Sale of units Cost per unit sold Cost of Goods Sold # of units in ending Inventory Cost Ending per unit Inventory Book Hint Print 320 Beginning Inventory Purchases March 14 July 30 October 26 Total $ 15.00 $ 20.00 4,992 8,549 References 415 0 $ b) Periodic LIFO 735 13,541 0 $ 0 Cost of Goods Available for sale Cost of Goods Sold Cost of Goods Cost per W of units Available for # of units Cost per Cost of sold unit Sale Goods Sold Ending Inventory Mof units Cost In ending Ending Inventory per unit Inventory Beginning inventory sota 735 13,543 U b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost of Goods Cost per #of units Cost per Available for unit sold unit Salo Cost of Goods Sold of units in ending inventory Cost Ending per unit Inventory ook Beginning inventory Purchases March 14 320 5 15.60 415 $20.60 4,992 8,549 rences July 30 October 26 Total 735 $ 13,541 0 $ 0 0 $ c) Gross Margin FIFO LIFO