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 Units Acquired at Cost 280 units @$13.20 = $3,696 Units Sold at Retail Jan. 10 Sales 240 units $43.20 Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales 460 units @ $18.20 = 8,372 410 units @ $43.20 480 units @ $23.20 = 11,136 450 units @ $43.20 Oct. 26 Purchase Totals 180 units @$28.20 1,400 units = 5,076 $28,280 1,100 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 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 inventory Ending Inventory # of units in ending Cost per unit Ending Inventory Beginning inventory Purchases: 280 $ 13.20 $ 3,696 280 $ 13.20 3,696 0 March 14 460 $ 18.20 8,372 460 $ 18.20 8,372 0 July 30 480 $ 23.20 11,136 120 S 23.20 2,784 October 26 180 $ 28.20 5,076 0 Total 1,400 28,280 740 12,068 180 $ 300 28.20 5,076 $ 7,860 b) Periodic LIFO Cost of Goods Available for Sale Cost of 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: 280 $ 13.20 $ 3,696 0 March 14 460 $ 18.20 8,372 July 30 480 $ 23.20 11,136 October 26 180 $ 28.20 5,076 Total 1,400 $ 28,280 0 S 0 0 $ 0 c) Gross profit FIFO LIFO