Hemming Company reported the following current-year purchases and sales for its only product.

Date

January 1

January 10

March 14

March 15

July 30

October S

Uctober 26

Activities

Beginning inventory sales

Purchase

Sales

Purchase

Sales

Purchase

Totals

Units Acquired at Cost

200 units

@ $10

Units Sold at Retail

$ 2,000

350 units

@ $15

5,250

150 units d $49

300 units

450 units

@ $40

@ $20

9,000

100 units

1,100 units

430 units

@ $40

@ $25

,500

$ 18, 750

000 units

Hemming uses a periodic inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. (c compute the gross profit for each method.

Required information The following information applies to the questions displayed below.] 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. p