explain the answers please!

Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 260 units @ $12.40 - $ 3,224 215 units @ $42.40 420 units @ $17.40 = 7,308 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 380 units @ $42.40 460 units @ $22.40 = 10,304 425 units @ $42.40 160 units @ $27.40 - 1,300 units 4,384 $ 25, 220 1,020 units cercise 5-7 Periodic: Inventory costing methods-FIFO and LIFO LO P1 quired: mming uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross margin for each method. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Cost Goods per units Available for Sale 2602 20 $ 3,224 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit Beginning inventory 260 $ 12.40 3,224 0 Purchases: March 14 420 17.40 7,308 420 $ 17.40 7,308 July 30 240 10,304 0 460 460 X % 22.40 10,304 October 26 460 160 1,300 4,384 27.40 0 160 27.40 4,384 Total 25,220 680 $ 10,532 620 $ 14,688 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods per units unit Available for Sale Cost # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory per unit Ending Inventory Beginning inventory 260 12.40 $ 3,224 O 2602 20 $ 3,224 Purchases: March 14 420 17.40 7,308 260 $ 17.40 4,524 7,308 420 2017.40 0 July 30 460 10,304 460 $ 22.40 10,304 October 26 160 22.40 27.40 4,384 160 $ 27.40 4,384 0 Total 1,300 $ 25,220 880 $ 19,212 680 $ 10,532 Required A Required B Required C Compute the gross margin for each method. c) Gross Margin FIFOLIFO