Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Units Acquired at Cost 270 units $12.80 $3,456 Units Sold at Retail 220 units $42.80 400 units $17.00 - 7,120 340 units $42.80 470 units $22.00 -10,716 Oct. 26 Purchase i Totals 170 units $27.00 - 4.726 1,310 units 440 units $42.80 $26,018 1,000 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 profit for each method. a) Periodic FIFO Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold Ending Inventory of units in ending Cost per unit inventory Ending Required information Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods Sold ginning inventory rchases March 14 Judy 30 October 26 Ending Inventory of units in ending Cost per unit Inventory Ending Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale: of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit inventory Endin ginning inventory urchases March 14 July 30 October 26 Gross profit FIFO LIFO