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 equired at Cout Units sold at Retail January Heginning inventory 235 units $12.20 - $ 3,111 January 10 Sales 210 units March 14 & $42.20 Purchase 410 units $17.20 7,052 March 15 Sales 350 units Purchase 455 units $42.20 $22.20 - 10,101 October 5 Sales 430 units Detober 26 # $42.20 Purchase 155 units $27.20 - 4,216 Totals 1,275 units $ 24,480 990 units July 30 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. Periode 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 cost per unit Inventory Ending Inventory 2555 12.20 $ 3,111 Beginning inventory Purchases March 14 July 30 October 26 Total 7,052 410 $ 4555 1555 1.275 17.20 22 20 27 20 10.101 4216 24.480 $ $ b) Periodic LIFO Coat of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale 255) $ 12 2015 3.111 Cost of Goods Sold of units sold cost per unit Cost of Goods Sold Ending Inventory of units in ending Cost per unit Ending Inventory Inventory $ Beginning inventory Purchases March 14 July 30 October 26 To 410 455 155 1.275 $ $ 17.20 22.20 27.20 7,052 10,101 4,2181 5 24.450 0 c) Gross profit FO LIFO