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 Units Sold at Retail Jan. 1 Beginning inventory 280 units @ $13.20 = $ 3,696 Jan. 10 Sales 240 units $43.20 Mar. 14 Purchase 460 units $18.20 - 8,372 Mar.15 Sales 410 units @ $43.20 July 30 Purchase 480 units @ $23.20 - 11, 136 Oct. 5 Sales 450 units $43.20 Oct.26 Purchase 180 units $28.20 - 5,076 Totals 1,400 units $28,280 1,100 units ces 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. Cost of Goods Sold Ending Inventory a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods unite Cost per Anllela da # of units Cost Cost of Ending # of units Cost per w Required information a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Cost per Cost of Goods Available for # of units sold Sale # of units Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit unit Beginning inventory Purchases: March 14 July 30 October 26 Total Cost of Goods Sold b) Periodic LIFO Cost of Goods Available for Sale Ending Inventory # of units Cost in ending Ending Inventory Inventory Cost of Goods Cost per # of units Available for # of units Cost per unit sold unit Sale Cost of Goods Sold per unit Beginning inventory Purchases: March 14 July 30 October 26 Total B. Required information October 26 Total 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 Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit sold per unit Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO