Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 Purchase Sales March 15 July 30 October 5 Purchase Sales October 26 Purchase Totals Units Acquired at Cost 245 units @$11.80 E @$16.80 B @$21.80 = @$26.80 390 units 445 units 145 units 1,225 units Exercise 5-10A (Algo) Periodic: Inventory costing LO P3 = $ 2,891 6,552 9,701 3,886 $ 23,030 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. Units Sold at Retail 190 units 350 units 430 units 970 units @$41.80 @$41.80 @$41.80

Use the following information for the Exercises 810 below. (Algo) [The following information applies to the questions displayed below] Hemming Company reported the following current year purchases and sales for its only product. Exercise 5-10A (Algo) Periodic: Inventory costing LO P3 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