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