Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 240 units @ $43.80 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost 295 units e $13.80 - $ 4,071 480 units @ $18.80 - 9,024 495 units e $23.80 - 11,781 195 units $28.80 - 5,616 1,465 units $30,492 420 units @ $43.80 465 units @ $43.80 1,125 units 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 Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per # of units Cost per Cost of # of units Available for unit sold unit Goods Sold Sale Cost # of units In ending inventory Ending Inventory per unit Beginning inventory Purchases: March 14 July 30 October 26 Total b) Periodic LIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost per Cost of Goods Cost per # of units # of units Available for Cost of unit sold Salo unit Goods Sold Cost w of units in ending Inventory Ending Inventory per unit Beginning inventory Punhan