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 11 January 101 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 200 units Units Acquired at Cost @$10 Units Sold at Retail $ 2,000 150 units @$40 350 units @$15 = 5,250 300 units $40 450 units @$20 M 9,000 430 units @$40 100 units 1,100 units @$25 2,500 $ 10,750 880 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 Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale Beginning inventory Cost of Goods Sold # of units Cost per sold unit # of units Cost of Goods Sold in ending Inventory Cost per unit Ending Inventory Ending Inventory