Required information Use the following information for the Exercises 8-10 below. (Algo) [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 Activities Beginning inventory 300 unite Units Acquired at Cost $14.00 Units Sold at Retail $4,200 January 10 Purchase Sales Purchase Sales Sales 250 unite 544.00 March 14 March 15 July 201 October 5 October 26 Purchase Totals 520 units $19.00- 9.440 460 units 344.00 500 unite $24.00- 12,000 400 units $44.00 200 unite 029.00- 1,520 unite 5,900 $31,800 1,190 units Exercise 5-10A (Algo) Periodic: Inventory costing LO P3 Hemming uses a periodic inventory system. (e) 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 Periodic FIFO Beginning inventory Purchases March 14 July 30 October 2 Total b) Periode LIFO Beginning inventory Purchases March 14 July 30 October 26 Total ) Gross profit 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 Cost of Goods Available for Sale Cost of Goods Sold of units Cost per un Cost of Goods Available for Sale of units sold Cost per un Cost of Goods Sold FIFO LIFO Ending Inventory of units in anding Cost per unit inventory Ending Inventory Ending inventory of units in ending Cost per unit Ending Inventory Inventory