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. Units Sold at Retail Units Acquired at Cost 255 units @ $12.20 = $ 3,111 210 units @ $42.20 410 units @ $17.20 = 7,052 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 350 units @ $42.20 430 units @ $42.20 455 units @ $22.20 155 units @ $27.20 1,275 units = 10,101 = _4,216 $24,480 990 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. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit Cost per unit sold 255 $ 12.20 $ 3,111 255 $ 12.20 3,111 0 410 $ 17.20 7 ,052 0 Beginning inventory Purchases: March 14 July 30 October 26 Total 410 $ 17.20 455 $ 22.20 155/ $ 27.20 1,275 7,052 10.101 4,216 24,480 $27.20 155 155 4.216 4,216 $ 665 $ 10,163 $ b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units cos of units Cost per Available for unit Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 255 $ 12.20 $ 3,111 0 255 $12.20 $ 3.111 Beginning inventory Purchases: March 14 July 30 October 26 Total 410 $ 17.20 455 $ 22.20 155 $ 27. 204 1,275 $ 7,052 10,101455 $ 22.20 10.101 0 ,216 155 $ 27.204,2160 24.480 610 $ 14,317 255 $ 3,111 FIFO LIFO c) Gross Margin Sales Cost of goods sold Gross margin