Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost 295 units $13.80 - Unita Sold at Retail $ 4,071 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 240 units $43.80 480 units $18.80 - Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 9,024 420 units $43.80 495 units e $23.80 - 11,781 465 unita $43.80 195 unfts 2.465 units $28.80 - 5.616 $ 30,492 1,125 units Hemming uses a periodic inventory system, (n) 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. Periods FIFO Cost of Goods Available for Sale Coel of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale #of units sold Cost per unit Cost of Goods Sold of units in ending Cost per unit Inventory Ending! Beginning inventory Purchases March 14 July 30 Cool of Goods Awwable for Sale Costoode Bold Ending and of units Cost per unit Cost of Goods Available for Sale of units sold cost per unit Cost of Goods Bold of units inding Cost per unit Inventory Ending! Beginning inventory Purchases March 14 July 30 October 26 Total Pedodietro Cost of Goods Available for sale Coul of Good Sold Endingen of units Cost per unit Cost of Goods Available for Sale of units sold Cost per Cost of Good Bold fants in Cost per un leventory Ending Beginning inventory Purchases March 14 July 30 October 26 Total Gross proht FIFO LITO