Hemming Company reported the following current-year purchases and sales for its only product Date January 1 January 16 March 14 March 15 July 30 October 5 Sales Purchase Sales Purchase Activities Beginning inventory 215 units Units Acquired at Cost $10.60 Units Sold at Retail $2,279 180 units $40.60 320 units #$15.60 4,992 260 units @ $40.60 415 units $20.60 - 8,549 October 26 Purchase Totals 400 units $40.60 115 units 1,065 units $25.60 2,944 $18,764 840 units Exercise 5-10A (Algo) Periodic: 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 26 Total b) Periodic LIFO Beginning inventory Purchases March 14 July 30 October 26 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of Goods Sold Ending Inventory I of units in ending Cost per unit Inventory Ending Inventory Cost of Goods Available for Sale Cost 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 I units in ending Inventory Cost per unit Ending Inventory c) Gross profit FIFO LIFO