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 Activiti Beginning inventory January 10 sales March 14 Perch 15 July 30 October 5 October 26 Purchase Sales Purchase Totals 235 units Units Acquired at Cast $10.60- cnits Seld at Retail $2,279 100 units $40.00 120 units 515.00- 4,992 260 units 340.60 435 units $20.68- 8,549 400 units $48.60 315units 1,065 units $25.60- 2,944 $18,766 840 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 Compute the gross profit for each method) Periodic TIFO Beginning inventory Purchases March 14 July 30 October 26 Periodic LIFO Beginning inventory Purchases Cost of Goods Available for Sale Cost of Goods Sold 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 Ending Inventory Cost per unit Ending Inventory inventory Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Cest of Goods Available for Sale of units sold Cost per unit Cost of Goods Sold March 14 July 30 Oduber 26 Tutal Gross profit FIFO LIFO Ending leventory of units in ending Cost per unit inventory Ending Inventory