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 soles for its only product Activities Units Moquired at cost Units Sold at Retail January Beginning inventory 200 unite $10 $2,000 January 10 Sales 150 unita $40 March 14 Purchase 350 unita # $15 5,250 March 15 Sale 300 unita e $40 July 30 Purchase 450 unito $20 9,000 October 5 sales 430 units $40 October 26 Purchase 100 units @ $25 2,500 Totala 1,100 units $ 18,750 880 unita Date - 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 Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods W of units unit Available for Cost per # of units Cost per sold unit Cost of Goods Sold Ending Inventory of units Cost per In ending Ending unit Inventory Inventory Sale Beginning inventory Purchases: March 14 July 30 October 26 Total 350 $ 450 $ 100 $ 100 15.00 20.00 25.00 5.250 9,000 2.500 16.750 $ 0 $ 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods of units Cost per Cost per N of units Cost of unit Available for unit sold Sale Ending Inventory # of units Cost per Ending unit Inventory Inventory Goods Sold In ending Beginning inventory Purchases March 14 July 30 October 26 350 $ 450 $ 100 $ 900 15.00 20.00 25.00 5.250 9,000 2.500 16.750 Total $ 0 $ 0 0 0 c) Gross Profit Een En HY Required information July 30 October 26 Total 450 $ 1001 s 900 20.00 25.00 9.000 2.500 16,750 $ b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold Ending Inventory of units Cost per Ending In ending unit Inventory Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 350 $ 450 $ 100 $ 15.00 20.00 25.00 5.250 9.000 2.500 16.750 $ 0 900 0 $ $ c) Gross Profit $ Sales Cost of goods sold Gross profit FIFO LIFO 35,200 $ 35,200 13,850 21,350 $