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 sold at Retail Units Aequired at Cost 300 units @ $14.00 - $ 4,200 250 units $44.00 520 units $19.00 9,880 460 units & $44.00 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 500 units @ $24.00 12,000 480 units $44.00 200 units e $29.00 1,520 units 5,800 $31,880 1,190 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. of units Coat per Cost of Goods Avaliable for Bale of units Coat por sold unit Coat of Goods Bold of units In ending Inventory unit Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 0 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of of units Ending Inventory # of units Cost Ending Inventory Inventory Cost of Goods Available for Sale unit of units Cost per sold unit Goods Sold in ending per unit Beginning inventory Purchases: March 14 July 30 October 26 Total 0 $ 0 $ 0 0 c) Gross Margin FIFO LIFO