Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product 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 Units Acquired at Cost 285 unite $13.40 $3,819 470 units $18.40 - 8,648 485 units $23.40 11,349 185 units $28.40 - 5254 $29,070 1,425 units Units Sold at Retail 250 units $43.40 400 units $43.40 460 units $43.401 1,110 units Exercise 5-8 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 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 profit for each method. a) Periodic FIFO Beginning inventory Purchases: March 141 July 30 October 26 Total b) Pariodic LIFO Beginning inventory Purchases March 14 July 30 October 26 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold Ending Inventory of units in ending Cost per unit Inventory Ending Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost peunit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold inventory #of units in ending Cost per unit Ending c) Gross profit FIFO LIFO $