Date 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 Activities Units Aequired at Cost Units sold at Retail Jan. 1 Beginning inventory 280 units @ $13.20 - $ 3,696 Jan. 10 Sales 240 units $43.20 Mar.14 Purchase 460 units @ $18.20 - 8,372 Mar.15 Sales 410 units @ $43.20 July 30 Purchase 480 units @ $23.20 - 11,136 Oct. 5 Sales 450 units @ $43.20 Oct.26 Purchase 180 units @ $28.20 5,076 Totals 1,400 units $28,280 1,100 units 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 Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods # of units # of units Cost per Available for Cost of unit sold unit Sale Goods Sold Cost per #of units in ending Inventory Cost Ending per unit Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost per Cost of Goods Available for Sale # of units # of units sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Cost of Goods Sold unit unit Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO