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 Activities Units Acquired at Cost Date Retail 200 units@ $10 = $ 2,000 Jan. 1 Beginning inventory 150 units $40 Jan. 10 Sales 350 units@ $15 = Mar.14 Purchase 5,250 300 units $40 Mar.15 Sales July30 Purchase Oct. 5 Sales 450 units $20 = 9,000 430 units $40 100 units@ $25 = 2,500 Oct.26 Purchase 1,100 units $18,750 880 units Totals Exercise 5-9A Periodic: Inventory costing system LO P3 equired: lemming uses a periodic inventory system. ) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. ) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. -) Compute the gross margin for each method a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units |# of unitsCost per Cost of Goods | # of units Cost per Cost of Ending Inventory Cost in ending Available for unit sold unit Goods Sold Sale inventory per unit Beginning inventory $ $10.00 2,000 10.00 200 200 2,000 0 Purchases: $15.00 350 March 14 350 5,250 15.00 5,250 0 $ 20.00 $20.00 450 2,400 9,000 120 July 30 $ 25.00 $25.00 October 26 4,500 100 2,500 180 $ $ $ 7,250 Total 1,100 18,750 550 300 6,900 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units in ending Cost of Goods #of unitsCost per unit # of units Cost per Cost of Cost Ending Inventory Available for inventory per unit $10.00 sold Goods Sold unit Sale $10.00 $ Beginning inventory 200 2,000 200 2,000 Purchases: $15.00 5,250 $15.00 300 March 14 350 10 20 $20.00 20.00 450 9,000 July 30 450 9,000 0 $ 25.00 $ 25.00 2,500 October 26 100 2,500 100 0 $ 2,300 18,750 11,500 Total 1,100 550 220 EA EA EA c) Gross Margin LIFO FIFO