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 Activities March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Totals January 1 January 10 Sales Purchase Beginning inventory 310 units Units Acquired at Cost 210 units @ $10.40 = @ $15.40 = Units Sold at Retail $ 2,184 170 units @ $40.40 4,774 270 units @ $40.40 410 units @ $20.40 = 8,364 380 units @ $40.40 110 units 1,040 units @ $25.40 = 2,794 $ 18,116 820 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. Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross profit Cost of Goods Available for Sale Cost of Goods Sola Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale FIFO LIFO Ending Inventory Cost per unit Ending Inventory Cost of Goods Sold Ending Inventory Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory