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 5 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase October 26 Totals Units Acquired at Cost 295 units @$13.80 = Units Sold at Retail $ 4,071 240 units @ $43.80 480 units @ $18.80 = 9,024 420 units @ $43.80 495 units @ $23.80 11,781 465 units @ $43.80 195 units 1,465 units @ $28.80 5,616 $ 30,492 1,125 units Exercise 5-8 (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: Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold ending inventory Ending Inventory Number of units in Cost per unit Ending Inventory 295 $ 13.80 $ 4,071 295 $ 13.80 $ 4,071 March 14 480 $ 18.80 9,024 480 $ 18.80 July 30 495 $ 23.80 11,781 October 26 195 $ 28.80 5,616 Total 1,465 30,492 775 9,024 13,095 0 0 b) Periodic LIFO Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory 295 $ 13.80 $ 4,071 Ending Inventory Cost per unit Ending Inventory March 14 480 $ 18.80 9,024 July 30 495 $ 23.80 11,781 October 26 195 $ 28.80 5,616 Total 1,465 $ 30,492 0 $ 0 0 $ 0 c) Gross profit FIFO LIFO