Hemming Co. reported the following current-year purchases and sales for its only product. Activities Date Jan. 1 Beginning inventory Jan. 1e Sales Mar.14 Purchase Mar. 15 Sales July30 Purchase oct. 5 Sales Oct.26 Purchase Units Sold at Retail 25e units $43.40 4e0 units $43.40 460 units$43.40 Units Acquired at Cost 285 units @ $13.40 $ 3,819 47e units $18.408,648 485 units @ $23.40 11,349 185 units @ $28.40 = 5,254 Totals 1.425 units $29,07e 1,110 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 Available for Sale Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory # of units | Cost per | Cost of # of units Cost per Cost of Goods Available for Sale unit Goods Sold in ending inventory unit sold Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units # of units | Cost per | Cost of Cost Ending # of units | Cost per unit sold inventory per unitInventory Beginning inventory Purchases: March 1 July 30 October 26 Total c) Gross Margin FIFO LIFO