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. Activities Beginning inventory Sales Purchase Sales Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Periodic FIFO Beginning inventory Purchases: March 14 July 30 October 25 Total Purchase Sales Purchase Totals Number of units Cost per unit 200 $ 10.00 $ 350 $ 450 $ 100 $ 1,100 Cost of Goods Available for Sale Units Acquired at Cost 15.00 20.00 25.00 200 units 350 units 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. 450 units 100 units 1,100 units $ Cost of Goods Available for Sale 2,000 @ $10 = $ 2,000 5,250 9,000 2,500 18,750 @$15 @ $29 @ $25 = Number of units sold 3 9,000 2,500 $ 18,750 Cost of Goods Sold 0 550 5,250 Cost of Goods Sold 200 $10.00 $ 2,000 Cost per unit 350 $ 15.00 Units Sold at Retail $ 5,250 7,250 150 units 300 units 438 units 880 units @$40 @$40 @$40 Ending Inventory Number of units in Cost per ending unit inventory Ending Inventory $ 10

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. Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending irventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LFO. (c) Compute the gross profit for each method