Units Sold at Retail Date Activities Units Acquired at Cost Beginning inventory 260 units$12.40 215 units$42.40 Jan.10 Sales Mar.14 Purchase Mar.15 Sales Tuly30 Purchase Oct. 5 Sales Oct.26 Purchase 420 units$17.40 17.407,308 380 units $42.40 460 units$22.40 425 units $42.40 160 units $27.404,384 Totals 1, 300 units $25,220 1,020 unit:s Exercise 6-9A 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) Detemine the costs assigned to ending inventory and to cost of goods sold using LIFO } Compute the gross margin for each method. Periodic FIFO Cost of Goods Sold Ending Inventory for Sale # of | Cost | Costof units tsr Sale Cost Goos units per per Available sold unit # of | Cost | Cost of | # of units Cost Ending Goods in ending Pe Inventory Sold inventory unit Beginning inven Purchases: March 14 July 30 October 2 Total b) Periodic LIFO Cost of Goods Available of Cost of Goods Sold Ending Inventory for Sale # of | Cost | Costof tsr Sale Cost Goos units per per Available sold unit # of | Cost | Cost of | # of units | Cost Ending Goods in ending Pe Inventory units Sold inventory unit Beginning inven Purchases March 14 July 30 October 26 Total n | FIFO | LIF