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"Hemming Co reported the following current-year purchses and sales for its only prodct. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 230 units$11.20$ 2,576 350 units$16.20 430 units $21.20-9,116 130 units$26.203,406 Units Sold at Retail 160 units$41.20 320 units$41.20 400 units $41.20 Totals 1,140 units $20,768 880 units Exercise 5-7 Periodic: Inventory costing methods-FIFO and LIFO LO P1 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 Availablefo,, Sale # of units Cost per Cost of Ending Inventory nits unit per # of units unit Goods Sold in ending unit inventory Beginning inventory Purchases March 14 July 30 October 26

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