Hemming Co. reported the following current-year purchases and sales for its only product.

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.

Required information Use the following information for the Exercises belovw The following information applies to the questions displayed below.j Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost Units Sold at Retail 190 units $41.80 350 units $41.80 430 units$41.80 245 units $11.80$ 2,891 390 units $16.806,552 45 units$21.809,701 145 units @$26.803,886 $23,030 970 units Totals 1,225 units Exercise 5-9A Periodic: Inventory costing system LO P3 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 Available for Sale Cost of Goods Sold Ending Inventory Goods Available for Cost of Goods | # of units Cost of I#of units Goods Sold | In ending st Ending Cost per # of units Cost per sold unit unit inventory per unit Inventory Sale