Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 101 Activities Beginning inventory 270 units Units Acquired at Cost @$12.80= Units Sold at Retail $ 3,456 Sales 220 units $42.80 July 30 October 5 Sales October 26 Purchase Totals March 14 March 15 Purchase Sales Purchase 460 units @$17.80= - 7,120 340 units @$42.80 470 units @$22.80= 10,716 440 units @$42.80 170 units 1,310 units @$27.80= 4,726 $ 26,018 1,000 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. Beginning inventory Purchases: units Cost per unit Available for Sale Cost per unit units sold Sold ending inventory + 12.80 $ 3,456 270 $ 12.80 $ 3,456 270 $ March 141 400 $ 17.80 7,120 400 $ 17.80 July 30 470 $ 22.80 10,716 October 26 170 $ 27.80 4,726 Total 1,310 $ 26,018 670 b) Periodic LIFO Beginning inventory Purchases: March 14 July 301 7,120 $ 10,576 Cost of Goods Available for Sale Cost of Goods Sold 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 270 $ 12.80 $ 3,456 400 $ 17.80 7,120 470 $ 22.80 10,716 c) Gross profit FIFO LIFO