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. 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 b) Periodic LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & Numberofunits & Costperunit & CostofGoodsAvailableforSale & Numberofunitssold & Costperunit & CostofGoodsSold & Numberofunitsinendinginventory & Costperunit & EndingInventory \\ \hline \multicolumn{10}{|c|}{ Beginning inventory } \\ \hline \multicolumn{10}{|c|}{ Purchases: } \\ \hline \multicolumn{10}{|c|}{ March 14} \\ \hline \multicolumn{10}{|c|}{ July 30} \\ \hline \multicolumn{10}{|c|}{ October 26} \\ \hline Total & 0 & & 0 & 0 & & $ & 0 & & $ \\ \hline \end{tabular} c) Gross Profit \begin{tabular}{|l|l|l|} \hline & FIFO & LIFO \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}