Hemming Company reported the following current-year purchases and sales for its only product. 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 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{3}{*}{ Beginning inventory } & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ Ending Inve } \\ \hline & \multirow{2}{*}{\begin{tabular}{r} \# of units \\ 260 \end{tabular}} & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Available for Sale \end{tabular} & \multirow{2}{*}{\begin{tabular}{|r|} \# of units sold \\ 215 \\ \end{tabular}} & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} # of units in ending \\ inventory \end{tabular}} & \multirow[t]{2}{*}{ Cost per u } \\ \hline & & 12.40 & 3,224 & & 12.40 & 2,666 & & \\ \hline \multicolumn{9}{|l|}{ Purchases: } \\ \hline March 14 & 420 & 17.40 & 7,308 & 380 & 17.40 & 6,612 & & \\ \hline July 30 & 460 & 22.40 & 10,304 & & & & & \\ \hline Total & 1,300 & & 25,220 & 595 & & 9,278 & 0 & \\ \hline \end{tabular} b) Periodic LIFO \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{2}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|c|}{ Ending Inve } \\ \# of units & Cost per unit & \begin{tabular}{c} Cost of Goods \\ Available for Sale \end{tabular} & \# of units sold & Cost per unit & \begin{tabular}{c} Cost of Goods \\ Sold \end{tabular} & \# of units in ending \\ inventory \end{tabular} c) Gross profit \begin{tabular}{|l|l|l|} \hline & FIFO & LIFO \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}