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 Activities Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost 230 units $11.20 Units Sold at Retail $ 2,576 160 units @ $41.20 350 units @ $16.20- 5,670 320 units @ $41.20 430 units @ $21.20 9,116 400 units @ $41.20 130 units 1,140 units @ $26.20 3,406 $ 20,768 880 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 Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold 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 1,140 $ 20768.00 $ 23,675,520 March 14 350 $ 16.20 5,670 5,670 $ 16.20 July 30 430 $ 21.20 9,116 9,116 $ 21.20 91,854 193,259 October 26 130 $ 26.20 3,406 3,406 $ 26.20 Total 2,050 $ 23,693,712 18,192 $ 89,237 374,350 b) Periodic LIFO Beginning inventory Purchases: Ending Inventory Cost per unit Ending 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 Inventory 1,140 $ 20768.00 $ 23,675,520 March 14 350 $ 16.20 5,670 July 30 430 $ 21.20 9,116 October 26 130 $ 26.20 3,406 Total 2,050 $ 23,693,712 $ 0 0 $ 0 c) Gross profit FIFO LIFO Sales $ 36,256 $ Cost of goods sold 14,606 $ 21,650 $ 36,256 154,546 20,800