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Required information

Use the following information for the Exercises 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.

Exercise $5-8($Static$)$ Periodic: Inventory costing LO P$1$

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

$\backslash$table$[[,$Cost of Goods Available for Sale,Cost of Goods Sold,Ending Inventory,,$],[,\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Number of$],[$Cost of$],[$Gnits in$],[$ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning inventory,,,,,,,,$],[$Purchases:$,,,,,,,,]]$