Hemming Co. reported the following current-year purchases and sales for its only product Jan. Units Acquired at Cost 290 units @ $13.60 - $ 3,944 Units Sold at 260 units @ $6.6 500 units @ $18.69 9,300 Date Activities 1 Beginning inventory Jan. le Sales Mar. 14. Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 430 units $43.50 490 units @ $23.60 11,564 470 units @ $43.60 190 units @ $28.60 1,470 units 5,434 $30, 242 1,160 units Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 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. Cost of Goods Sold Cost of Goods Available for Sale