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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. Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 270 units @ $12.80 - $ 3,456 Units sold at Retail Jan. 10 Sales 220 units @ $42.88 Mar. 14 Purchase 400 units @ $17.80 = 7,120 Mar. 15 Sales 340 units 542.80 July 30 Purchase 470 units @ $22.80 - 10,716 Oct. 5 Sales 440 units @ $42.80 Oct. 26 Purchase 170 units $27.80 4,726 Totals 1,310 units $26,018 1,000 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. Answer is not complete. a) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Cost of Goods Available for Sale of units Cost per sold UNE 220$ 12.00 Cost of Good Sold Cost per Ending inventory of units in ending unit inventory 50 S 1280 $ Ending Inventor 270 12.80 3.450 S 2.810 Beginning inventory Purchases March 14 July 30 October 20 Total 400S 470 S 170 1.310 17.00 22.00 27.80 17.30 22.00 00 6.052 10.032 7,120 10,710 4,720 20.010 340 QS S 0 1.000 00 30$ 170 310 17.80 22.80 27.80 18,000 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Rof 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 270 $ 12.80 3,456 Beginning inventory Purchases March 14 400 $ July 30 October 26 470 170 5 is 17.80 22.80 27.80 7.120 10.716 4,720 20,016 Total 5310 $ D 0 o c) Gross profit FIFO LIFO

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