Required information [The following information applies to the questions displayed below.] Hemming Company reported the following...

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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory Units Acquired at Cost 245 units $11.80 = Units Sold at Retail $ 2,891 January 10 Sales 190 units e $41.80 March 14 Purchase 390 units $16.80= March 15 July 30 October 5 Sales Purchase Sales October 26 445 units $21.80 = 6,552 9,701 350 units @ $41.80 430 units $41.80 Purchase Totals 145 units 1,225 units $26.80 - 3,886 $ 23,030 970 units (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. a) Periodic FIFO Beginning inventory Purchases: March 14 Cost of Goods Available for Sale Cost of Goods Sold Ending Inve Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per July 30 October 26 Total 0 $ 0 0 $ b) Periodic LIFO Beginning inventory Purchases: March 14 Cost of Goods Available for Sale Cost of Goods Sold Ending Inve Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per July 30 October 26 Total 0 c) Gross profit FIFO LIFO $ 0 $ 0 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory Units Acquired at Cost 245 units $11.80 = Units Sold at Retail $ 2,891 January 10 Sales 190 units e $41.80 March 14 Purchase 390 units $16.80= March 15 July 30 October 5 Sales Purchase Sales October 26 445 units $21.80 = 6,552 9,701 350 units @ $41.80 430 units $41.80 Purchase Totals 145 units 1,225 units $26.80 - 3,886 $ 23,030 970 units (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. a) Periodic FIFO Beginning inventory Purchases: March 14 Cost of Goods Available for Sale Cost of Goods Sold Ending Inve Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per July 30 October 26 Total 0 $ 0 0 $ b) Periodic LIFO Beginning inventory Purchases: March 14 Cost of Goods Available for Sale Cost of Goods Sold Ending Inve Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per July 30 October 26 Total 0 c) Gross profit FIFO LIFO $ 0 $ 0