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 Units Acquired at Cost 285 units @ $13.40 $3,819 Units Sold at Retail 250 units @ $43.40 Oct. 5 Sales Oct. 26 Purchase Totals 470 units @ $18.40 8,648 485 units @ $23.40 11,349 185 units @ $28.40 = 5,254 1,425 units $29,070 1,110 units 400 units @ 543.48 460 units @ $43.40 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 Cost of Goods Sold # of units Beginning inventory 285 S Cost per unit 13.40 $ Cost of Goods Available for Sale 3.819 #of units sold Cost per unit Cost of Goods Sold 285 $ 13.40 S 3819 Purchases 9 March 14 470 $ 18.40 8,648 470 $ 18.40 8,648 asant www A 534 9 Ending Inventory of units in ending Cost per unit Inventory 0 Ending