of 3 Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product Date January 1 Activities Beginning inventory January 10 Sales March 14 March 15 Purchase Sales July 30 Book October 5: Purchase Sales October 26 Hot Prin Purchase Totals erences c www 200 units Units Acquired at Cost $10 Units Sold at Retail $2,000 150 unite #$40 350 units # $15 5,250 300 units #540 450 units $20 9,000 430 units #540 100 units 1,100 units $25 2,500 $18,750 880 units Exercise 5-8 (Static) 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. Periodic FIFO 17 #3 800 $ 64 600 58 2 N E % 85 MacBook Air 2 44 17 -11 & 6 7 8% 8 9 0 R T Y U D F G H K 0 P