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 January 10 Sales March 14 Activities Beginning inventory Purchase Sales Purchase 200 units Units Acquired at Cost $10 Units Sold at Retail $2,000 150 units $40 350 units $15 5,250 March 15, July 30 October 5 October 26 Sales Totals 300 unite 540 450 units $20 9,000 430 unite 540 Purchane 100 units $25 1,100 units 2,500 $ 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. a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO 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 Cost per sold unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory + $ 0 0 $ Cost of Goods Available for Sale Cost of Goods Sold Cost per # of units unit Cost of Goods Available for Sale # of units sold Cost per unit Ending Inventory # of units Cost of Goods Sold in ending Inventory Cost per unit Ending Inventory b) Periodic LIFO Beginning inventory Purchases: March 14 July 301 October 26 Total c) Gross Profit Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit # of units sold Sale Cost per unit + Cost of Goods Sold Cost of Goods Sold FIFO LIFO Ending Inventory. # of units In ending Cost per unit Ending Inventory inventory