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 July 30 Purchase October 5 Sales October 26 Purchase Totals Units Acquired at Cost 220 units $10.80= Units Sold at Retail $2,376 190 units @ $40.80 330 units @ $15.80 = 5,214 280 units 420 units @$20.80= 8,736 390 units @$40.80 $40.80 120 units 1,090 units $25.80- 3,096 $ 19,422 860 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 20 Total b) Periodic LIFO Beginning inventory Purchases March 141 July 30 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit 220 $ 10.80 $ Cost of Goods Available for Sale: 2.376 # of units sold Cost per unit Cost of Goods Sold of units in ending Cost per unit inventory Ending Inventory 220 2.376 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 Cost per unit inventory Ending Inventory 220 $ 10.80 $ 2,376 October 26 Total 220 c) Gross profit FIFO LIFO $ 2,376 $ 0