O Required information The following information applies to the questions displayed below) Hemming Co reported the following current-year purchases and sales for its only product 13 Units Acquired at Cost 205 units @ $10.20 - $2,091 Units Sold at Retail 160 units $40.20 300 units @ $15.20 4,560 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct.: 5 Sales Oct.26 Purchase Totals 250 units $40.20 400 units @ $20.20 8,080 375 units $40.20 105 units @ $25.20 1,010 units 2,646 $17,377 785 units Required: 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 margin for each method ces a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Ending Inventory #of units Cost Ending Inventory per unit Inventory Cost per # of units Cost per sold unit Cost of Goods Sold in ending Beginning inventory Purchases March 14 dan 9 Required information a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for sale Cost of Goods #of units unit Available for Sale Cost per # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost In ending Ending inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 0 $ 0 b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods of units Available for unit Sale Cost per # of units Cost per sold unit Cost of Goods Sold Ending Inventory #of units Cost Ending In ending per unit Inventory inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 $ 0 0 $ 0 0 c) Gross Margin FIFO LIFO D