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 Acquired at Cost 205 units @ $10.20 - $ 2,091 Units sold at Retail 160 units @ $40.20 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 300 units @ $15.20 - 400 units e $20.20 - 4,560 8,080 250 units @ $40.20 375 units @ $40.20 105 units @ $25.20 - 1,010 units 2,646 $17,377 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 Sold Ending Inventory of units Cost per cost of Goods Available for # of units Cost per sold unit unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Sale Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per Available for Cost of Goods # of units unit # of units Cost per sold unit Cost of Goods Sold # of units In ending per unit Cost inventory Ending Inventory Sale Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Margin FIFO L IFO