Hemming Company reported the following current-year purchases and sales for its only product Date Activities January 1 January 10 Beginning inventory 250 units Units Acquired at Cost $12.00 Units Sold at Retail 5 3,000 Sales 200 units $42.00 March 14 Purchase 400 units $17.00 6,800 March 15 July 301 October 5 Sales Purchase Sales 360 units $42.00 450 units $22.00 . 9,900 420 units $42.00 October 26 Pia chase Totals 150 units 1,250 units $27.00 4,050 $23,750 980 units Exercise 5-8 (Algo) Perlodic: Inventory costing LO P3 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 20 Total b) Periodic LIFO Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold Ending Inventory Number of units in ending inventory Cost per unit Ending Inventory Cost of Goods Available for Sale: Number of units Cost per unit Cost of Goods Available for Sale Beginning Inventory Purchases March 14 July 30 October 20 Total Gross profit FIFO LIFO Cost of Goods Sold Ending inventory Number of units sold Cost per unit Cost of Goods Bold Number of units in ending inventory Cost per unit Ending Inventory