Required information The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product Units Sold at Retail Units Acquired at Cost 285 units @ $13.40 - $ 3,819 470 units @ $18.40 8,648 250 units @ $43.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 400 units @ $43.40 485 units $23.40 11,349 460 units @ $43.40 185 units @ $28.40 1,425 units 5,254 $29,070 1, 110 units Required: 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 margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold Ending Inventory # of units Cost in ending Ending inventory per unit Inventory of 3 Required: 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 margin for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Available for unit Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold of units Cost per Ending Inventory # of units Cost Ending in ending Inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 0 D $ 0 b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit inventory Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 $ 0 $ 0 0 $ 0 c) Gross Margin FIFO LIFO