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