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 Units Sold at Retail 200 units @ $10 $ 2,000 150 units $40 350 units @$15 5,250 300 units $40 450 units @ $20 9,000 430 units @ $40 100 units 1,100 units @ $25 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 Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Available for of units Sale sold Number Cost of Goods Sold Cost per unit Cost of Goods Sold Number of units in ending Inventory Ending Inventory Cost per unit Ending Inventory