! 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. Units Sold at Retail Units Acquired at Cost 245 units @ $11. 80 $ 2,891 190 units @ $41.80 390 units @ $16.80 6, 552 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $41.80 445 units @ $21.80 9, 701 430 units @ $41.80 145 units @ $26.80 1, 225 units 3,886 $23,030 970 units no 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 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 Invento 245 $ 11.80 $ 2,891 16.80 Beginning inventory Purchases: March 14 July 30 October 26 Total 6,552 9,701 21.80 390 $ 445 $ 145 $ 1,225 26.80 3,886 $ 23,030 0 $ 0 0 0 $ 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 inventory Cost per unit Ending Invento 245 $ 11.80 $ 2,891 190 S 11.80 $ 2.242 Beginning inventory Purchases: March 14 390 $ 16.80 6,552 July 30 445 $ 21.80 9,701 3,886 October 26 26.80 145 $ 1.225 Total $ 23,030 190 $ 2.242 0 0 s c) Gross profit FIFO LIFO