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 200 units @ $10 = $ 2, eee Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 380 units @ $40 July 30 Purchase 450 units $20 9,80 Oct. 5 Sales 430 units @ $40 Oct. 26 Purchase 180 units $25 2,500 Totals 1,180 units $18,750 880 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. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per unit Available for Sale Ending Inventory # of units Cost in ending Ending inventory Inventory # of units sold Cost per unit Cost of Goods Sold per unit Beginning inventory Purchases: March 14 July 30 October 20 Total b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: March 14 July 30 October 26 Total $ $ 0 $ 0 c) Gross Margin FIFO LIFO