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 Activities Jan. 1 Beginning inventory 245 units $11.30-$2,891 an. 10 Sales 150 units Mar. 14 Purchase 390 units $16.00 6,552 Mar. 15 Sales se units 11.50 Julye Purchase 445 units $21.30 9.701 Oct. 5 Sales 430 units $41.50 Oct. 26 Purchase 145 units @ $26.80 Totals 1,225 units $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 Cost of Goods Sold a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods of units Available for unit Sale Ending Inventory # of units Cost Ending In ending Inventory per unit Inventory Cost per Cost of Goods Sold of units Cost per sold unit Beginning inventory Purchases 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. Coster Cost o ods Available for of units Cost per sold Sale Contot Goods Sold Cost per un in onding Inventory of units Ending Iwwentory unit Beginning inventory Purchases March 14 July 30 October 26 Total b) Periodic LIRO Cost of Goods Available for Sale Cost of Goods #of units unit Available for Sale Cost per Cost of Goods Sold Ending Inventory #of units # of units Cost per Cost of Cost Ending sold unit Goods Sold In ending Inventory per unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total S 1 Required information Beginning inventory Purchases March 14 July 30 October 26 Total Cost Coal per of units Cost per sold Ending Inventory Cost of Goods Sold of units In ending Inventory Cost of Goods Available for Sale per unit of units Beginning inventory Purchases March 14 July 30 October 26 Total FIFO LIFO c) Gross Margin