Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at cost 290 units @ $13.68 = $ 3,944 Units Sold at Retail 260 units @ $43.60 500 units @ $18.60 9,300 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals 430 units @ $43.60 499 units $23.60 11,564 470 units @ $43.60 199 units @ $28.60 1,470 units 5,434 $30, 242 1, 160 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 Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of #of Goods units unit Available for Sale Cost per #of units Cost per Cost of sold unit Goods Sold #of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of Cost per Goods units unit Available for Sale # of units Cost per sold unit Cost of Goods Sold #of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total