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 Date Activities Units acquired at Cost Units Sold at Retail January 1 Beginning inventory 295 units @ $12.80 = $ 4,071 January 10 Bales 240 units March 14 Purchase 480 units @ $18.BO = 9,024 March 15 Bales 420 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 October 5 Bales 465 units @ $43.80 October 26 Purchase 195 units @ $28.BO = 5, 616 Totals 1,465 units $ 30,492 1,125 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. a) Periodic FIFO Cost Goods Sold Cost of Goods Available for Sale # of units Cost of Goods Cost per unit Available for Sale # of units sold Cost per Ending Inventory # of units in Cost per unit Ending Inventory ending inventory Cost of Goods Sold unit Beginning inventory Purchases: March 14 July 30 October 28 Total $ 0 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 28 Total 0 $ 0 0 $ 0 0 $ 0 c) Gross profit FIFO LIFO