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. Units Sold at Retail Units Acquired at Cost 210 units @ $10.40 = $ 2,184 170 units @ $40.40 310 units @ $15.40 - 4,774 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase 5 Sales Oct. 26 Purchase 270 units @ $40.40 410 units @ $20.40 = 8,364 Oct. 380 units @ $40.40 110 units @ $25.40 = 2,794 1,040 units $18, 116 Totals 820 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 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: March 14 July 30 October 26 Total 0 $ 0 $ $ 0 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: March 14 July 30 October 26 Total 0 $ 0 $ 0 $ 0 c) Gross profit FIFO LIFO