Required Information Use the following information for the Exercises 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. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost @$13.80- @ $18.80 $23.80 @ @$28.80 January 1 January 10 March 14 March 15 July 30 October 5 October 26 295 units 480 units a) Periodic FIFO 495 units 195 units 1,465 units Exercise 5-8 (Algo) Periodic: Inventory costing LO P1 . 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. Cost of Goods Available for Sale $ 4,071 9,024 11,781 5,616 $ 30,492 Units Sold at Retail 240 units 420 units 465 units 1,125 units Cost of Goods Sold @ $43.80 @ $43.80 @$43.80 Check my work Ending