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 Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 290 units O $13.60 - $ 3,944 January 10 Sales 268 units @ $43.60 March 14 Purchase 500 units @ $18.60 - 9,300 March 15 Sales 430 units @ $43.60 July 30 Purchase 490 units $23.60 - 11,564 October 5 Sales 478 units $43.60 October 26 Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1,160 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 Cost of Goods Sold Ending In of units Cost per unit Cost of Goods Available for Sale # of units sold cost per unit Cost of Goods Sold #of units in ending Inventory Cost per Beginning inventory nahon Required information Check my work Cost of Goods Available for Sale Cost of Goods #of units Cost per unit Available for Sale Coat of Gold of units sold Coat per unit Cost of Goods Sold Ending inventory of units in aning Cost per inventory Beginning inventory Purchases March 14 July 30 October 20 Total b) Periodie UFO Cost of Good Sold Ending Inventory Cost of Goods Available for sale of units Cost per unit Cost of Goods Avaliable for Sale of units sold Cost per unit Cost of Goods Sold of unitsin ending Cost per un Inventory Ending! Beginning inventory Purchase March 14 July 30 October 20 Total 0 $ c) Gross profit FIFO LIFO