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 March 14 March 15 July 30 October 5 Activities Beginning inventory Sales Purchase Sales Purchase Sales October 26 Purchase Totals 200 units 350 units Unita Acquired at Cost $10 # $15 Unita Sold at Retail $2,000 150 units $40 5,250 300 unite $40 450 units $20 9.000 430 units 8540 100 unite 1,100 units $25 2,500 $18,750 880 unite 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 b) Periodic LIFO Beginning inventory Purchases March 14. July 30 October 26 Total e) Gross Profit Cost of Goods Sold Cost per unit Cost of Goods Available for Sale Cost per of units unit Cost of Goods Available for Sale of units sold Cost of Goods Available for Sale Cost per #of units unit Cost of Goods Available for Sale FIFO LIFO Ending Inventory Cost of Goods Sold of units in ending Inventory Cost per unit Ending Inventory Cost of Goods Sold #of units Cost per sold unit Cost of Goods Sold of units in ending Inventory Ending Inventory Cost per unit Ending Inventory