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 March 15 Purchase Sales Purchase July 30 October 5, Sales October 26 Purchase Totals Units Acquired at Cost 270 units @$12.80- Units Sold at Retail $3,456 220 units $42.00 400 units $17.30- 7,1201 340 units $42.00 470 units @$22.80- 10,716 440 units 8 $42.00 170 units 1,510 units $27.50 4,726 $ 26,018 1,000 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. Periodic FFO 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 laventory Beginning inventory Purchases 270 $ 12.00 $ 3.456 March 14 400 s 17.80 7.120 450 $ 17.00 5 0.010 July 30 470 5 22.80 10.716 October 26 170 S 27.00 4,726 Total 1,310 $ 26.018 450 0,010 by Periodic LIFO Beginning inventory Purchases Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of Cost per unit Cost of Goods units 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 2705 12.00 $ 3.456 March 14 400 $ 17.00 7.120 July 30 470 $ 22 80 10,716 October 26 170 S 27.00 4.726 Total 1.310 $ 26.018) Gross profit Sales Cost of goods sold Gross prof FIFO LIFO