16 3 points elook HM Pint 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 Units Acquired at Cost 285 unite $13.40 3,819 470 units $18.40- 405 unite $23.40 11,349 Units sold at Retail 8,648 250 units $43.40 400 units $43.40 Oct. 26 Purchase Totala 105 units $28.40- 1.425 units 5,254 460 units 43.40) $29,070 1,110 unite Hat. 15 Sales July 16 Purchase Oct. 5 Sales References 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 (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 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goode