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 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. (1) Required information b) Periodic LiFo c) Gross profit \begin{tabular}{|l|l|l|} \hline c) Gros5 profit & FIFO & LFO \\ \hline & & \\ \hline & & \\ \hline \end{tabular} (1) Required information a) Periodic AFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sole } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|r|}{ Ending truxe } \\ \hline & 8 of units & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Available for Sale \end{tabular} & I of units sold & Cost per unit & \begin{tabular}{c} Cost of Goods \\ Sold \end{tabular} & \begin{tabular}{l} In of units in ending \\ inventory \end{tabular} & Cost per u \\ \hline \multicolumn{9}{|c|}{ Beginning iaventory } \\ \hline \multicolumn{9}{|l|}{ Purchases: } \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline \multicolumn{9}{|l|}{ July 30} \\ \hline \multicolumn{9}{|l|}{ October 26} \\ \hline Total & 0 & & s & 0 & & 5 & 0 & \\ \hline \end{tabular} b) Periodic LIFO \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Cost of Goods Availabhe for Salk } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{2}{|r|}{ Ending trive } \\ \hline & A of units & Cost per unit & \begin{tabular}{l} Cost of Goods \\ Avallable for Sale \end{tabular} & If of units sold & Cost per unit & \begin{tabular}{c} Cost of Goods \\ Sold \end{tabular} & \begin{tabular}{l} of of units in ending \\ inventory \end{tabular} & Cost peru \\ \hline \multicolumn{9}{|c|}{ Beginning inveotory } \\ \hline \multicolumn{9}{|l|}{ Purchases. } \\ \hline \multicolumn{9}{|l|}{ March 14} \\ \hline July 30 & & & & IIII & & & & \\ \hline nothente & = & & & & & m & & \\ \hline \end{tabular}