Please make sure to use a periodic inventory system!

! 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 200 units @ $10 - $ 2,000 350 units @ $15 5, 250 150 units @ $40 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 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 100 units 1,100 units 2,500 $18,750 880 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. a) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost per Cost of Goods # of units Available for unit Sale # of units Cost per sold unit Cost of Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 0 $ O 0 b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale Cost of Goods Sold # of units Cost per Cost of sold unit Goods Sold Ending Inventory # of units Cost Ending in ending per unit Inventory inventory Beginning inventory Purchases: March 14 July 30 October 26 Total 0 0 0 $ 0 0 $ 0 c) Gross Profit FIFO LIFO