! Required information Use the following information for the Exercises 8-10 below. (Static) [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 200 units $10 $ 2,800 January 10 Sales 158 units @ 540 March 14 Purchase 358 units $15 5,250 March 15 Sales 388 units 548 July 30 Purchase 458 units 520 9,800 October 5 Sales 438 units $40 October 26 Purchase 180 units @ $25 2,580 Totals 1,188 units $ 18,750 880 units Exercise 5-10A (Static) Periodic: Inventory costing LO P3 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 of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods of units unit Available for Sale of units Cost per unit Ending Inventory # of units Cost per Endir in ending unit Invent Inventory Cost of Goods Sold sold Beginning inventory Purchases: March 14 July 30 October 26 Total $ b) Periodic LIFO Cost of Goods Available for Sale Cost per Cost of Goods of units Available for unit Sale Ct of Goods Sold of units Cost per Cost of sold unit Goods Sold Ending Inventory of units Endir in ending unit Invent Inventory Cost per Beginning inventory Purchases: March 14 July 30 October 26 $ 0 0 $ 0 Total el mee Dent October 26 0 Total c) Gross Profit FIFO LIFO