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 January 1 January 10 Activities Beginning inventory Sales March 14 July 30 October 5 March 15 Purchase Sales Purchase Sales October 26 Purchase Totals 200 units Units Acquired at Cost @$10 Units Sold at Retail $2,000 150 units @540 350 units $15 5,250 300 units 540 450 units $20 9,000 430 units 540 100 units 1,100 units $25 2,500 $18,750 850 units Exercise 6-10A (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