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 Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 200 units @ $10 $ 2,000 January 10 Sales 150 units @ $40 March 14 Purchase 350 units @ $15 5,250 March 15 Sales 300 units @ $40 July 30 Purchase 450 units @ $20 9,000 October 5 Sales 430 units @ $40 October 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $ 18,750 BB0 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 per Cost of Goods Sold # of Cost of units unit Goods sold Sold Cost of Goods Available for Sale Cost per Ending Inventory # of units Cost per Ending in ending unit Inventory inventory # of units unit Beginning inventory Purchases: March 14 July 30 October 28 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per Cost of Goods Sold # of Cost of units unit Goods sold Sold Cost per Ending Inventory # of units Cost per Ending in ending unit Inventory inventory Beginning inventory Purchases: March 14 July 30 October 28 Total c) Gross Profit FIFO LIFO