Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 235 units @ $11.40 - $ 2,679 Units Sold at Retail 170 units @ $41.40 360 units @ $16.40 - 5,904 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 290 units @ $41.40 435 units @ $21.40 9,309 410 units @ $41.40 135 units @ $26.40 1,165 units 3,564 $21,456 870 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 Cost of Goods units per Available for Sale $ 235 $ 11.40 2,679 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per Ending Inventory unit unit 170 $ 11.40 $ 1,938 Beginning inventory Purchases: March 14 360 16.40 5,904 1,938 X $ 16.40 31,783 4,756 July 30 435 9,309 8,774 21.40 290 16.40 $ 410 X 21.40 $ 135 26.40 1,005 October 26 135 26.40 3,564 3,564 Total 1,165 $ 21,456 1,938 $ 31,783 $ 19,032 Ending Inventory # of units in ending inventory Cost per Ending Inventory unit Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of # of Cost # of Cost Cost of Goods per units units Available per Goods unit sold for Sale unit Sold Beginning inventory Purchases: March 14 July 30 October 26 Total 0 $ 0 0 $ 0 0 $ 0