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 January 1 Beginning inventory Units Acquired at Cost 255 units @ $12.20 = Units Sold at Retail $ 3,111 January 10 March 14 March 15 Sales Purchase Sales 210 units @ $42.20 410 units @ $17.20 = 7,052 350 units @ $42.20 July 30 Purchase 455 units @ $22.20 = 10,101 October 5 October 26 Sales Purchase 430 units @ $42.20 Totals 155 units 1,275 units @ $27.20 = 4,216 $ 24,480 990 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. Check my work a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory 0 $ 0 0 $ 0 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory 0 $ 0 0 $ 0 0 $ 0 c) Gross profit FIFO LIFO