Required information Use the following information for the Exercises below. The following information applies to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product Activities Date Units Acquired at Cost 285 units @ $13.40 $3,819 Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units $43.40 Mar.14 Purchase 470 units @ $18.40 8,648 Mar. 15 Sales 400 units @ $43.40 July30 Purchase Oct. 5 Sales 485 units @ $23.40 11,349 460 units e $43.40 Oct. 26 Purc 185 units e $28.40 ase 5,254 Totals 1,425 units $29,070 1,110 units Exercise 5-9A Periodic: Inventory costing system LO P3 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 margin for each method. Required information (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 margin for each method. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory a) Periodic FIFO #of units #of unite Cost per Cost of Goods # of units Cost per unit Cost of Cost Ending Inventory in ending inventory Available for Sale Goods Sold unit sold per unit Beginning inventory 285 $13.40 $ S 3,819 285 13.40 3,819 0 Purchases March 14 470 $18.40 8.648 470 18.40 8,648 $ 23.40 July 30 485 11,349 October 26 Total 1,240 23,816 755 $ $ 12,467 0 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units in ending inventory Cost per unit #of units sold Cost per Cost of Goods Sold Cost per unit Ending Inventory # of units Available for Sale unit $ 13.40 Beginning inventory 285 3,819 Purchases: March 14 $ 18.40 470 8,648 July 30 485 $ 23.40 11,349 October 26 Total 1,240 23,816 0 $ 0 0 0 c) Gross Margin FIFO LIFO 40