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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 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 Totals 1,125 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. X Answer is complete but not entirely correct. 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 Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost # of Goods units per Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 295 $ 13.80 $ 4,071 295 $ 13.80 4,071 0 Purchases: March 14 480 9,024 480 $ 18.80 9,024 240 4,512 July 30 495 $ 18.80 $ 23.80 $ 28.80 11,781 495 X $ 23.80 11,781 420 $ 18.80 $ 23.80 $ 28.80 9,996 October 26 195 5,616 195 X $ 28.80 5,616 465 13,392 Total 1,465 $ 30,492 1,465 $ 30,492 1,125 $ 27,900

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