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. Date January 1 January 101 Activities Beginning inventory 280 units Units Acquired at Cost @$13.20= $3,696 Sales Units Sold at Retail 240 units @ $43.28 March 14 March 15 Purchase Sales 460 units @$18.28= 8,372 410 units July 30 October 5 Purchase Sales 480 units @$23.20= 11,136 450 units $43.20 @$43.28 October 26 Purchase Totals 180 units 1,400 units @$28.20= 5,076 $28,280 1,100 units Exercise 5-8 (Algo) Periodic: Inventory costing LO P3 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 i Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending I Beginning inventory 280 $ 13.20 $ 3.696 280 $ 13.20 $ 3,696 Purchases March 14 460 $ 18.20 8.372 460 $ 18.20 8372 July 301 480 $ 23.20 11,136 October 26 180 $ 28.20 5,076 0 Total 1,400 $ 28,280 740 12.068 b) Periodic LIFO Beginning inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending li 280 $ 13.20 $ 3,606 Purchases March 14 460 $ 18.20 8.372 July 30 480 $ 23.20 11,136 October 20 180 $ 28.20 5.076 Total 1,400 $ 28.280 of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Number of Cost per unit Available for Sale units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory $ 13.20 $ 3,696 280 $ 13.20 $ 3,696 $ 18.20 8,372 460 $ 18.20 $ 23.20 11,136 $ 28.20 5,076 0 $ 28.280 740 8,372 12,068 $ of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Number of Cost per unit Cost per unit Available for Sale units sold, Cost of Goods Sold ending inventory Number of units in Cost per unit Ending Inventory $ 13.20 $ 3,696 $ 18.20 8,372 $ 23.20 11,136 $ 28.20 5,076 $ 28,280 $ $ c) Gross profit FIFO LIFO