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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 218 units @ $10.40 = $ 2,184 Jan. 19 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 4,774 Mar. 15 Sales 27e units @ $40.40 July 30 Purchase 410 units @ $20.49 8,364 Oct. 5 Sales 389 units @ $40.40 Oct. 26 Purchase 110 units @ $25.49 Totals 1,848 units $18, 116 = = 2,794 820 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 Beginning inventory Purchases: March 14 July 30 October 28 Total 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 Beginning inventory Purchases: March 14 July 30 October 28 Total c) Gross profit FIFO LIFO