! 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. Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Units Sold at Retail 230 units @ $11.20 = $ 2,576 Jan. 10 Sales Mar. 14 Purchase 350 units @ $16.20 = 160 units @ $41.20 5,670 Mar. 15 Sales 320 units @ $41.20 July 30 Purchase 430 units @ $21.20 = 9,116 Oct. 5 Sales 400 units @ $41.20 Oct. 26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $20,768 880 units 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 margin for each method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of of Cost Goods per units unit Available for Sale Cost # of units sold per Cost of Goods Sold Cost per unit Ending Inventory of units In ending Inventory 230 unit 230 S 2.570 230 $ 11.20 2,576 $ 2,576 11.20 1120 Beginning inventory Purchases March 14 350 5,670 3 703 16.20 16 20 $ 1,134 2,120 July 30 43021.20 9.116 0 100 21.20 October 26 $ 26,20 3.406 130 130 3,406 og 26.20 1.140 Total 20.768 530 $ 230 $ 2,576 $ 9,236 Required A Required B Required Ending Inventory # of units in ending inventory Cost por unit Ending Inventory Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Available for Cost of Goods Sold Sale Cost of # of Cost # of Cost Cost of Goods units per units per Goods Available unit sold unit Sold for Sale Beginning inventory 230 $ 2,576 230 $ 11.20 s 11.20 2,576 Purchases: March 14 350 5,670 70 $ 16:20 16.20 1,134 July 30 430 21.20 9,116 100 $ 21.20 2,120 October 26 $ 130 3,406 130 S 26.20 3,406 26.20 Total 1,140 20,768 530 S 9,236 230 $ 11.20 $ 2,576 * 70 16.20 1,134 100 2.120 21.20 $ 26.20 > 130 3,406 $ 530 s 9,236