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[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	255	units	@ $12.20	=	$ 3,111
January 10	Sales						210	units	@ $42.20
March 14	Purchase	410	units	@ $17.20	=	7,052
March 15	Sales						350	units	@ $42.20
July 30	Purchase	455	units	@ $22.20	=	10,101
October 5	Sales						430	units	@ $42.20
October 26	Purchase	155	units	@ $27.20	=	4,216
	Totals	1,275	units			$ 24,480	990	units

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 [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 units @ $42.20 410 units @ $17.20 = 7,052 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 350 units @ $42.20 455 units @ $22.20 = 10,101 430 units @ $42.20 @ $27.20 155 units 1,275 units 4,216 $ 24,480 Totals 990 units 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 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending! 255 $ 12.20 $ 3,111 255 $ 12.20 $ 3,111 255 $ 12.20 $ 410 $ 7,052 410 $ 17.20 7,052 Beginning inventory Purchases: March 14 July 30 October 26 Total 17.20 22.20 455 $ 27.20 155$ 1,275 10,101 4,216 24.480 $ 665 $ 10,163 255 $ b) Periodic LIFO ) Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending! 255 $ 12.20 $ 3,111 0 255 $ 12.20 $ Beginning inventory Purchases: March 14 July 30 410 $ 17.20 7,052 455 $ 22.20 10.101 455 $ 22.20 10.101 0 0 October 26 155 $ 27.20 4,216 155 $ 27.20 4,216 Total 1,275 $ 24,480 610 $ 14,317 255 $ c) Gross profit October 26 155 $ 27.20 Total 1,275 $ c) Gross profit FIFO LIFO