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a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units sold Cost per unit Cost of Goods Sold # of units Cost of Goods Cost per unit Available for Sale 295 $ 13.80 $ 4,071 # of units in ending inventory Cost per unit Ending In 55 $ 13.80 $ 759 295 $ 13.80 $ 480 $ 18.80 9,024 20 $ 18.80 376: Beginning inventory Purchases: March 14 July 30 October 26 Total 775 $ 13,095 75 $ 1,135 295 $ b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending In 295 $ 13.80 $ 4,071 480 $ 18.80 9,024 Beginning inventory Purchases March 14 July 30 October 26 Total 775 $ 13,095 0 $ 0 0 $ c) Gross profit FIFO LIFO 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 Cost 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 = 9,024 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 420 units @ $43.80 495 units @ $23.80 = 11,781 465 units @ $43.80 = 195 units @ $28.80 1,465 units 5,616 $30,492 1,125 units

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