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 245 units $11.80 - $ 2,891 Units Sold at Retail 190 units @ $41.80 390 units @ $16.80 - 6,552 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $41.88 445 units @ $21.80 9,701 430 units $41.80 $26.80 - 145 units 1,225 units 3,886 $23.030 970 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 margin for each method. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per # of units Cost of Goods Available for unit Sale # of units Cost per unit Cost of Goods Sold sold Ending Inventory # of units Cost Ending ending Inventory per unit Inventory 012 Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale of units Cost per sold unit Cost of Goods Sold Ending Invento + of units Cost in ending Ending inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 25 c) Gross Margin FIFOLIFO