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 Activities Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units @ $10 = $ 2,000 150 units @$40 350 units @ $15 5,250 300 units @$40 450 units @ $20 9,000 430 units @ $40 100 units: @$25 2,500 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. Required information a) Periodic FIPO Cost of Goods Available for Sale Beginning inventory Purchases: March 14 July 30 Cost of Goods Sold Ending Inventory Number of Cost of Goods Number of units Cost per unit Number Available for Sale of units Cost per unit Cost of Goods Sold units in sold ending inventory Cost per unit Er Invi October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Beginning inventory Purchases: March 14 July 30 October 26 Cost of Goods Number Number of units Cost per unit Available for Sale of units Cost per unit Cost of Goods Sold Cost of Goods Sold sold 1 of Next Ending Inventory Number of units in ending inventory Cost per unit En Invi c) Gross Profit FIFO LIFO