! 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 280 units @ $13.20 = $ 3,696 240 units @ $43.20 460 units @ $18.20 = 8,372 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 410 units @ $43.20 480 units @ $23.20 = 11,136 450 units @ $43.20 180 units @ $28.20 5,076 $ 28,280 Totals 1,400 units 1,100 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 Cost per unit Inventory Ending! 280 s 13.20 $ 3,696 Beginning inventory Purchases: March 14 July 30 October 26 18.20 460 $ $ 480 $ $ 180 $ 1,400 23.20 28.20 8,372 11,136 5,076 Total $ 28,280 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 Cost per unit inventory Ending! 280 $ 13.20 $ 3,696 Beginning inventory Purchases: March 14 460 $ 18.20 480 $ July 30 October 26 23.20 28.20 8,372 11,136 5,076 180 $ Total 1,400 $ 28,280 0 $ 0 0 $ c) Gross profit FIFO LIFO