Use the following information for the Exercises 8-10 below. (Static) The following information applies to the questions displayed below) Hemming Co reported the following current year purchases and sales for its only product. Units salt at Hetall Uued COSE 200 units $10 - $ 2.000 150 units 940 350 units $15 - 5,250 300 units $40 DW Activities Jan 1 beginning inventory Jan 10 Sales Mar 14 Purchase Mar 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 450 units 520 9,000 430 units 140 @ $25 100 units 1,100 units 2,500 $18.750 e unit Exercise 5-8 (Stotic) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a periodic inventory system (0) Determine the costs assigned to ending inventory and to cost of goods soldung FIFO (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO (0) Compute the gross profit for each method Cost per Cost of Goods of its cost per of units Available for Sale Cool En per init Intory sold Costol of units Goods sold in ending Inventory unit Beginning inventory Purchase March 14 July 30 October 26 Total Periodo Cost per Cost of Goods Available for Snie of unit Cost per sold unit Contal Goods Sold #ol units Cost Ending in ending Inventory per unit Inventory of units unit Beginning inventory Purchases March 14 July 30 October 26 Total FIFO LIFO c) Gross Profit