The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 245 units @ $11.80 $ 2,891 190 units @ $41.80 390 units @ $16.80 - 6,552 350 units @ $41.80 445 units @ $21.80 - 9,701 430 units @ $41.80 145 units @ $26.80 - 3,886 1,225 units 970 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. a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost Goods wor units per unit Available for Sale # of units Cost per sold unit Cost of #of units in ending Goods Solda to Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost Goods per unit Available for Sale Cost of # of units # of units Cost per sold unit in ending Goods Sold inuento Cost Ending per unit Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross Margin FIFO LIFO