Required information Part 1 of 2 (The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 285 units @ $13.49 = $ 3,819 Units Sold at Retail points 470 units @ $18.40 = 8,648 Date Activities Jan. 1 Beginning inventory Jan. 18 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 250 units @ $43.40 400 units @ $43.40 469 units @ $43.40 485 units @ $23.40 = 11,349 cBook = 185 units @ $28.49 1,425 units 5,254 $29,070 1,110 units Hint Print Required: Hemming uses a periodic inventory system. References (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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Aus Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 285 $ 13.40 $ 3,819 285 $ 13.40 3,8191 470 $ 18.40 8 ,648 Beginning inventory Purchases: March 14 July 30 October 26 Total 470 485 185 $ 18.40 $ 23.40 $ 28.40 8,648 11,349 5,254 29,070 1,425 $ 755 $ 12,467 0 Required A Required B > Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO ost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units # of units Cost per Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit sold 285 $ 13.40 $ 3,819 Beginning inventory Purchases: March 14 July 30 October 26 470 $ 18.40 485 $ 23.40 185$ 28.40 1,425 8,648 11,349 5,254 29,070 Total $ Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross margin for each method. c) Gross Margin LIFO Sales FIFO $ 48,174 20,774 $ 27,400 $ 48,174 21,747 Cost of goods sold Gross margin