Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10 = $ 2,000 Jan. 10 Sales 150 units @ $40 Mar.14 Purchase 350 units @ $15 5,250 Mar.15 Sales 300 units @ $40 July30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units @ $40 Oct.26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18,750 880 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 Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for Sale # of units Cost per sold unit unit Ending Inventory # of units In ending Cost Ending Inventory inventory Cost of Goods Sold per unit Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods of units unit Available for # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory