Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory 215 units Units Acquired at Cost) $10.60 Units Sold at Retail $2,279 Sales 180 units @$40.60 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales 320 units $15.60 4,992 260 units @$40.60 415 units @$20.60 8,549 400 units @$48.60 Purchase Totals 115 units $25.60 2,944 1,065 units $ 18,764 840 units Exercise 5-8 (Algo) Periodic: Inventory costing LO P3 emming uses a periodic Inventory system. PodcFO Beglening inventory. Purchases March 14 July 30 October 26 Total Periodic LIO Beginning inventory Purchases March 14 Cisst of Goods Available for Sale Cost of Goods Sead Ending Inventory Number of units Cost of Goods Cost per unit Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory 10 S 0 Cost of Goods Available fur Sale Number of Cost per unit Cost of Goods Available for Sale July 30 October 26 Total 0 Gross probit FIFO LIFO $ Cost of Goods Sold Ending Inventory Number of units sold Cost per un Cost of Goods Sold Number of units in ending inventory Cost per unit Ending bentory October 26 Hint Purchase Totals 115 units 1,065 units $25.60 2,944 $ 18,764 840 unit Print ences Exercise 5-8 (Algo) Periodic: Inventory costing LO P3 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 Beginning inventory Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Sale Number of units sold C Cost per unit