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Use the following information for the Exercises below. $($Algo$)$

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Hemming Company reported the following current$-$year purchases and sales for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail

January $1$ Beginning inventory $245$ units @ $$11\mathrm{.}80=$ $ $2,891$

January $10$ Sales $190$ units @ $$41\mathrm{.}80$

March $14$ Purchase $390$ units @ $$16\mathrm{.}80=6,552$

March $15$ Sales $350$ units @ $$41\mathrm{.}80$

July $30$ Purchase $445$ units @ $$21\mathrm{.}80=9,701$

October $5$ Sales $430$ units @ $$41\mathrm{.}80$

October $26$ Purchase $145$ units @ $$26\mathrm{.}80=3,886$

Totals $1,225$ units $ $23,030970$ units

Exercise $5-8($Algo$)$ Periodic: Inventory costing LO P$1$

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.