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.

! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $13.20 = @ $18.20 @ $23.20 = @ $28.20 = 280 units 460 units 480 units 180 units 1,400 units Exercise 5-10A (Algo) Periodic: Inventory costing LO P3 = $3,696 8,372 11, 136 5,076 $ 28,280 Units Sold at Retail 240 units 410 units 450 units 1,100 units @ $43.20 @ $43.20 @ $43.20 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 c) Gross profit Cost of Goods Available for Sale # of units FIFO 0 Cost per unit # of units Cost per unit 0 Cost of Goods Available for Sale Cost of Goods Available for Sale LIFO $ Cost of Goods Available for Sale $ 0 0 Cost of Goods Sold # of units sold Cost per unit 0 # of units sold Cost per unit Cost of Goods Sold Cost of Goods Sold 0 $ Cost of Goods Sold $ 0 0 Ending Inventory # of units in ending Cost per unit inventory 0 # of units in ending inventory 0 Ending Inventory Cost per unit Ending Inv $ Ending Inv $