Using your accounting knowledge, find the missing amounts in the following separate income statements. Sales $ 65,000 $ 44,000 $ 51,000 $ 24,400 16,490 8,600 31,000 5,000 Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit 7,600 45,000 7,500 4,520 5,200 8,800 2,600 20,000 33,140 7,400 3.300 41,100 Expenses 24,000 Net Income (loss) $ 11,110 12,890 10,610 $ (7,310) $ 4.000 37,100 Required information 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 Units Acquired at Coat 210 units $10.40 - $ 2,184 170 units e $40.40 Activities Jan. 1 Beginning inventory Jan 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 310 units $15.00 - 4,774 410 units $20.40 - 8,364 270 units 380 units $40.40 $40.40 $25.40 - 110 units 1,040 units Total $18.116 320 units 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 Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of units Cost per cost of Goods of units Cost per Available for unit Sale # of units Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory Sold Beginning inventory Purchases March 14 July 30 October 26 Total Required B > 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory of unit Cost per cost of Goods Available for Sale # of units Cost per unit unit of units in ending Inventory Cost of Goods Sold sold Cost per unit Ending Inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross margin for each method. c) Gross Margin FIFOLIFO