Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units @ $10 = $ 2,888 Units sold at Retail 150 units @ $40 350 units @ $15 5,250 Date Activities Jan. 1 Beginning inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 3ee units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 100 units 1,188 units 2,500 $18,758 880 units xercise 5-8 (Static) Periodic: Inventory costing methods-FIFO and LIFO LO P1 equired: emming uses a periodic Inventory system. ) Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. ) Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. ) Compute the gross profit for each method. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale Ending Inventory # of units Cost Ending in ending per unit Inventory inventory # of units sold Cost per unit Cost of Goods Sold Beginning inventory Purchases: March 14 July 30 October 26 Total -) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units in ending Cost Ending inventory per unit Inventory Sale Beginning inventory Purchases: March 14 July 30 October 20 Total 2) Gross Profit FIFO LIFO