Hemming Co. reported the following current-year purchases and sales data for its only product at CostUnits Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 200 units @$10 2,000 350 units @ $15 5.250 450 units $20 9,000 100 units @ $25 = 2.500 150 units @$40 300 units@$40 430 units @$40 Totals 1,100 units $18,750880 units Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. Answer is complete but not entirely correct. ) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost per |#0f units #of units Cost per unit Cost of Goods Sold cost in ending per Inventory Ending units Available for Salesoldunit inventory unit Beginning inventory | 200 )$ 10.000s 2,000 | 200 S10.00 | 2,000 March 14 July 30 October 26 350 OS 15.00 21 450 0 |s20 00 5.2501350 1500 9,000 | 330 S 20.00 | 120 20.00 6,600 2,400 2,500 $ 4,900 1000525.00 2,500 1000 25.00 Total 1,100 S 18,750 880 $ 13,850 220 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory