Hemming 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

200

units

@ $10

=

$

2,000

Jan.

10

Sales

150

units

@ $40

Mar.

14

Purchase

350

units

@ $15

=

5,250

Mar.

15

Sales

300

units

@ $40

July

30

Purchase

450

units

@ $20

=

9,000

Oct.

5

Sales

430

units

@ $40

Oct.

26

Purchase

100

units

@ $25

=

2,500

Totals

1,100

units

$

18,750

880

unit

! 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. Units Sold at Activities Units Acquired at Cost Date Retail $ 2,000 1 Beginning inventory 200 units@ $10 Jan 150 units @ $40 Jan. 10 Sales 350 units @ $15 Mar. 14 Purchase 5,250 300 units @ $40 Mar. 15 Sales 450 units@ $20 July 30 Purchase 9,000 430 units @ $40 5 Sales Oct. 100 units @ $25 2,500 Oct. 26 Purchase $18,750 880 units 1,100 units Totals 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods #of units # of units Cost per unit # of unitsCost per Available for unit Cost of Ending per unit Inventory Cost Goods Sold in ending inventory sold Sale Beginning inventory Purchases: March 14 July 30 October 26 Total $ $ 0 0 EA O b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods #of units # of units Cost per unit Cost of Goods Soldinventory Cost Ending Inventory #of unitsCost per Available for unit in ending sold per unit Sale Beginning inventory Purchases: March 14 July 30 October 26 $ $ $ Total 0 0 0 c) Gross Margin FIFO LIFO Sales Cost of goods sold Gross margin