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 Acquired at Cost 235 units $11.40 = $ 2,679 Units Sold at Retail 360 units @ $16.40 = 170 units @ $41.40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 5,904 290 units @ $41.40 435 units @ $21.40 = 9,309 135 units @ $26.40 = 3,564 1,165 units $21,456 410 units @ $41.40 870 units Exercise 5-9A 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) 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 Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 235 $ 11.40 $ 2,679 Cost per # of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory Inventory Beginning inventory Purchases: March 14 235) $ 11.40 2,679 360 360 $ 16.40 July 30 October 26 Total 5,904 435 135 1,165 16.40 $ 21.40 $ 26.40 5,904 9,309 3,564 21.456 $ 595 $ 8,583 b) Periodic LIFO $ 0 Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale 235 $ 11.40 $ 2,679 # of units sold Cost per Ending Inventory #of units Cost In ending Ending Inventory per unit Inventory Cost of Goods Sold unit Beginning inventory Purchases: March 14 July 30 360 435 135 1.165 $ 16.40 $ 21.40 $ 26.40 October 26 5,904 9,309 3,564 21,456 Total $ 0 $ $ 0 c) Gross Margin FIFO LIFO