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 Units Acquired at Cost 280 units $13.20 Units Sold at Retail $ 3,696 January 10 Sales 240 units @ $43.20 March 14 Purchase 460 units $18.20= 8,372 March 15 Sales 410 units @ $43.20 July 30 October 5 October 26 Purchase Sales 480 units @ $23.20- 11,136 450 units @ $43.20 Purchase Totals 180 units 1,400 units @ $28.20 5,076 $ 28,280 1,100 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. 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 c) Gross profit Sales Cost of goods sold Gross profit Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # 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 Cost per unit Ending Inventory 280 $ 13.20 $ 3,696 280 $ 3,696 0 $ 0 $ Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale Cost of Goods # of units sold Cost per unit Sold # of units in ending inventory Cost per unit Ending Inventory 280 $ 13.20 $ 3,696 280 FIFO LIFO $ 3,696 0 $ 0 $ 0