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 vitiesU Units Aequired at Cost Units sold at Retail Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct.5 Sales Oct.26 Purchase 270 units$12.80 3,456 400 units $17.807,120 470 units $22.8010,716 170units @$27.80-4226 220 units $42.80 340 units $42.80 440 units $42.80 Totals 1,310 units $26,018 1,000 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. Prev. 1 of 1 Next