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 Acquired at Cost 290 units @ $13.60 - $ 3,944 Units Sold at Retail 260 units $43.60 500 units @ $18.60 9,300 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 430 units @ $43.60 490 units @ $23.60 11,564 470 units @ $43.60 190 units @ $28.60 1,470 units 5,434 $30, 242 1,160 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. (c) Compute the gross margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost of Goods Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory 290 S 13.60 $ 3,944 290 $ 13.60 3.944 0 500S 18.60 9,300 0 Beginning inventory Purchases March 14 July 30 October 26 Total 60 $2360 1,416 500 $ 18.60 490 S 23 60 190 S 28 60 1,470 9,300 11,564 5,434 30,242 $ 790 $ 13,244 60 $ 1,416 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Cost per Available for #of units unit sold Sale Cost of Goods Sold unit # of units in ending inventory Cost Ending per unit Inventory 290 $ 13.60 $ 3.944 0 290 $13.60 $ 3,944 Beginning inventory Purchases March 14 July 30 October 26 500 $ 18.60 490 $ 23.60 190 $ 28 60 9,300 11,564 5.434 190 $ 28.60 5,434 0 Total 1,470 $ 190 30,242 $ $ 5.434 290 3,944 c) Gross Margin FIFO LIFO