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 January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 245 units @ $11.80 = Units Sold at Retail $ 2,891 190 units @ $41.80 390 units @$16.80 = 6,552 350 units @$41.80 445 units @ $21.80 = 9,701 430 units @$41.80 145 units 1,225 units @ $26.80 3,886 $ 23,030 970 units D Hemming uses a periodic inventory system. a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. hl Motorming th nd to andina inant Gonda Goldwine 150 Hamming or narindie inwonton custom ! Required information (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 Beginning inventory Purchases: View previous attempt Check my work Cost of Goods Available for Sale Cost of Goods Sold Endi # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Co 245 $ 11.80 $ 2,891 March 14 390 $ 16.80 July 30 October 26 Total 635 EA b) Periodic LIFO Cost of Goods Available for Sale 6,552 9,443 0 $ 0 0 Cost of Goods Sold Endiv b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Cost of Goods Available for Sale Cost of Goods Sold Endi # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Co 245 $ 11.80 $ 2,891 390 $ IA Total 635 c) Gross profit FIFO LIFO 16.80 6,552 $ 9,443 0 $ 0 0 ! Required information Purchases: March 14 July 30 You received partial credit in the previous attempt Available for ala 390 $ 16.80 6,552 October 26 Total 635 c) Gross profit FIFO LIFO 9,443 0 View previous atten K