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 250 units @ $12.00 $ 3,000 200 units @ $42.00 400 units @ $17.00 6,800 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 360 units $42.00 450 units @ $22.00 9,900 420 units @ $42.00 4,050 150 units @ $27.00 1,250 units Totals $23,750 980 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 profit for each method. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # 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 unit Ending Inventory 250 $ 12.00 $ 3,000 Beginning inventory Purchases March 14 July 30 October 26 400 $ 17.00 6,800 450$ 9.900 22.00 27.00 150 $ 4,050 1.250 Total $ 23,750 0 $ 0 0 $ 0 b) Periodic LIFO Cost of Goods Available for Sale cost of Goods Sold Ending Inventory # 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 unit Ending Inventory 250 Beginning inventory $ 12.00 $ 3,000 Purchases March 14 400 $ 17.00 6,800 450 July 30 $ 22.00 9,900 150 October 26 $ 27.00 4,050 0 $ 0 0 Total 1,250 23,750 $ c) Gross profit FIFO LIFO [The following intormation applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 = $3,000 Units Sold at Retail Jan. 200 units @ $42.00 400 units @ $17.00 6,800 Date Activities 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 360 units @ $42.00 450 units @ $22.00 9,900 420 units @ $42.00 150 units @ $27.00 1,250 units 4,050 $23,750 980 units Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost Jan 1 250 Beginning Inventory Purchase Mar 14 400 July 30 Purchase 450 Oct 26 Purchase 150 1.250 b) Gross Margin using Specific Identification Less Equals