! 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 300 units @ $14.00 Activities Beginning inventory Sales Purchase $ 4,200 250 units @ $44.00 520 units @ $19.00 9,880 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales 460 units @ $44.00 500 units @ $24.00 12,000 480 units @ $44.00 Purchase Sales Purchase Totals @ $29.00 5,800 200 units 1,520 units $ 31,880 1,190 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 Inventory 300 $ 14.00 $ 4,200 19.00 9.880 Beginning inventory Purchases March 14 July 30 October 26 Total 520 S 5007 s 2007 s 1,520 24.00 29.00 12.000 5,800 S 31,880 0 $ 0 0 S 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # # of units Cost of Goods Available for Sale # of units in ending Cost per unit Cost per unit Cost of Goods Sold # of units sold Cost per unit Ending Inventory inventory 300 S 14.00 $ S 4,200 Beginning inventory Purchases: March 14 July 30 October 26 520 S 19.00 9.880 500 S 24.00 12.000 5,800 200 S 29.00 Total 1.520 S 31,880 0 $ 0 0 S 0 c) Gross profit FIFO LIFO Sales Cost of goods sold Gross profit