Required Information {The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 280 units @ $13.20 = $ 3,696 240 units @ $43.20 460 units @ $18.20 8,372 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 11, 136 450 units @ $43.20 180 units @ $28.20 1,400 units 5, 076 $28, 280 1,100 units Required: Hemming uses a perlodic 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 margin for each method. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per # of units sold Cost per Cost of Goods Sold Ending Invento # of units in Cost ending inventory unit per unit Beginning inventory Purchases: 460 $ 18.20 8,372 March 14 July 30 October 26 Total 460 $ 8,372 0 $ b) Periodic LIFO O O Cost of Goods Available for Sale $ Cost of Goods Sold Ending Inventory Check my wor Required information a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per unit # of units Cost of Goods Available for Sale # of units sold Cost per unit Ending Inventory # of units in Cost Ending ending per unit Inventory inventory Cost of Goods Sold Beginning inventory Purchases: March 14 July 30 October 26 Total $ 0 0 $ 0 0 $ 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale # of units sold Cost unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 $ O 0 $ 0 $ 0 c) Gross Margin FIFO LIFO