Required information Use the following information for the Exercises 8-10 below. (Algo) [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 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 280 units $13.20 - $ 3,696 240 units @ $43.20 460 units $18.20 8,372 410 units @ $43.20 480 units @ $23.20 - 11, 136 450 units @ $43.20 180 units $28.20 - 5,076 $ 1,400 units $28, 289 1,100 units Exercise 5-9 (Algo) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Cost Per # of units Cost Per COGS Unit sold Unit Ending Inventory Cost Per Unit Ending Inventory Cost Date Activity Ending Inventory Units # of units 280 460 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 480 180 1.400 b) Gross Margin using Specific Identification Less: Equals Required information Use the following information for the Exercises 8-10 below. (Algo) 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 Units Sold at Retail Jan. 1 beginning inventory 280 units @ $13.20 $3,6% Jan. 10 Sales 248 unitse $43.20 Mar. 14 Purchase 460 units $18.20 8.32 Mar. 15 Sales 418 units e $43.20 July 30 Purchase en units $23.20 - 11,136 Oct. 5 Sales 458 units @ $43.20 Oct. 26 Purchase 188 units $28.20 - 5.02 Totals 1,400 units $28,280 1,100 units Exercise 5-8 (Algo) 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. () Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic Fo Cost of Goods Available for sale Cost of Goods of units Cost per unit Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods of units in ending of units sold Coat per unit of units in ending Cost per unit Ending inventory Sold Inventory Beginning inventory Purchases March 14 July 30 October 20 Total b) Periodic LIFO b) Cost of Goods Available for Sale Cost of Goods Sold of units Ending Inventory of unitsin ending Cost per unit Ending Inventory Inventory Cost per unit Cost of Goods Available for Sale Cost of Goods Sold of units sold cost per unit Beginning inventory Purchases March 14 July 30 October 26 Total c) Gross profit FIFO LIFO