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. 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. a) Periodic FIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \begin{tabular}{l} Number of \\ units \end{tabular} & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Available for Sale \end{tabular} & \begin{tabular}{l} Number of \\ units sold \end{tabular} & Cost per unit & \begin{tabular}{c} Cost of Goods \\ Sold \end{tabular} & \begin{tabular}{l} Number of units in \\ ending inventory \end{tabular} & Cost per unit & Ending Inventory \\ \hline \multicolumn{10}{|c|}{ Beginning inventory } \\ \hline \multicolumn{10}{|c|}{ Purchases: } \\ \hline \multicolumn{10}{|l|}{ March 14} \\ \hline \multicolumn{10}{|l|}{ July 30} \\ \hline \multicolumn{10}{|l|}{ October 26} \\ \hline Total & 0 & & $ & 0 & & $ & 0 & & $ \\ \hline \end{tabular} b) Periodic LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Ending Inventory } \\ \hline & \begin{tabular}{c} Number of \\ units \end{tabular} & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Available for Sale \end{tabular} & \begin{tabular}{l} Number of \\ units sold \end{tabular} & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & \begin{tabular}{l} Number of units in \\ ending inventory \end{tabular} & Cost per unit & Ending Inventory \\ \hline \multicolumn{10}{|c|}{ Beginning inventory } \\ \hline \multicolumn{10}{|c|}{ Purchases: } \\ \hline \multicolumn{10}{|l|}{ March 14} \\ \hline July 30 & & & & & & & & & \\ \hline \multicolumn{10}{|l|}{ October 26} \\ \hline Total & 0 & & s & 0 & & s & 0 & & $ \\ \hline \end{tabular} c) Gross profit \begin{tabular}{|l|l|l|} \hline & FIFO & LIFO \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} 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. Exercise 5-9 (Algo) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following