! 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 200 units @ $10 $ 2,000 150 units @ $40 350 units @ $15 = Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 5,250 300 units @ $40 450 units @ $20 = 9,000 430 units @ $40 100 units @ $25 2,500 $ 18,750 Totals 1,100 units 880 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 of # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost per unit Goods Sold in ending Ending Inventory inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 $ 0 0 $ 0 0 $ 0 b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost per Ending in ending unit Inventory inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 $ 0 0 $ 0 $ 0 c) Gross Profit FIFO LIFO