Use the following information for the Exercises $8-10$ below. $($Algo$)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

Hemming Company reported the following current$-$year purchases and sales for its only product.

Date Activities Units Acquired at Cost Units Sold at Retail

January $1$ Beginning inventory $290$ units @ $$13\mathrm{.}60=$ $ $3,944$

January $10$ Sales $260$ units @ $$43\mathrm{.}60$

March $14$ Purchase $500$ units @ $$18\mathrm{.}60=9,300$

March $15$ Sales $430$ units @ $$43\mathrm{.}60$

July $30$ Purchase $490$ units @ $$23\mathrm{.}60=11,564$

October $5$ Sales $470$ units @ $$43\mathrm{.}60$

October $26$ Purchase $190$ units @ $$28\mathrm{.}60=5,434$

Totals $1,470$ units $ $30,2421,160$ units

Exercise $6-10$A $($Algo$)$ Periodic: Inventory costing LO P$3$

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 profit for each method.