Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost 235 units @ $11.40 = Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,904 290 units @ $41.40 435 units @ $21.40 = 9,309 410 units @$41.40 135 units 1,165 units @ $26.40 = 3,564 $ 21,456 870 units 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. a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory 0 $ 0 0 $ 0 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost of Goods Cost per unit Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory FIFO LIFO $ 0 0 $ 0 0 $ 0