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. Units Acquired at Cost 200 units @ $10 Units Sold at Retail $ 2,000 150 units @ $40 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 350 units $15 Activities Beginning inventory Sales Purchase Salon Purchase Sales Purchase Totala 5,250 300 unita $40 450 units @ $20 9,000 430 units @ $40 100 units 1,100 units @ $25 2,500 $ 18,750 880 units 2) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost per Cost of Goods #of units unit Available for Sale # of units # of units Cost per sold unit Cost of Goods Sold In ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 b) Periodic LIFO Cost of Goods Available for Sale Cost per Cost of Goods of units unit Available for Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold Ending Inventory # of units Cost per Ending in ending unit Inventory Inventory es Beginning inventory Purchases March 14 July 30 October 26 Total 0 $ 0 0 0 6) Gross Profit FIFO LIFO lemming uses a periodic inventory system. a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 3) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. :) Compute the gross profit for each method