emming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 225 units @ $11.00 = $ 2,475 Jan. 10 Sales 150 units @ $41.00 Mar. 14 Purchase 340 units @ $16.00 = 5,440 Mar. 15 Sales 300 units @ $41.00 July 30 Purchase 425 units @ $21.00 = 8,925 Oct. 5 Sales 395 units @ $41.00 Oct. 26 Purchase 125 units @ $26.00 = 3,250 Totals 1,115 units $ 20,090 845 units Exercise 5-9A Periodic: Inventory costing system LO P3 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.