! 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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 = $ 2,091 160 units @ $40.20 300 units @ $15.20 = 4,560 250 units @ $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 105 units @ $25.20 = 2,646 1,010 units $17,377 785 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. 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 Sold Ending Inventory Cost per # of units 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 unit 205 $ 10.20 $ 2,091 Beginning inventory Purchases: March 14 300 $ 15.20 4,560 July 30 400 $ 20.20 8,080 October 26 105 $ 25.20 2,646 Total 1,010 $ 17,377 0 $ 0 $ 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 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit per unit Beginning inventory Purchases: March 14 July 30 October 26 Total 0 $ 0 0 $ 0 $ 0 Required A Required B Required c Compute the gross margin for each method. c) Gross Margin FIFO LIFO