Totals 1,470 units $30,242 1,168 units Requlred: 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 #of Goods units unit Available for Sale Cost per #of units Cost per Cost of sold unit Goods Sold #of units in ending inventory Cost per unit Ending Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 $ 0 0 b) Periodic LIFO $ 0 $ 0 Cost of Goods Sold Cost of Goods Available for Sale Cost of Cost per Goods Available for Sale Ending Inventory #of units unit #of units Cost per sold unit Cost of # of units Goods Sold in ending Cost per unit inventory Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total $ 0 c) Gross Margin 0 FIFO LIFO 0 $