Please do not give solution in image format thanku a) Periodic FIFOBeginning inventoryPurchases:March 14July 30October 26Totalb) Periodic LIFOBeginning inventoryPurchases:March 14July 30October 26Totalc) Gross ProfitCost of Goods Available for SaleNumber ofunitsNumber ofunits0FIFOCost perunitCost of Goods Available for Sale0Cost perunitCost of GoodsAvailable forSaleLIFO$0Cost of GoodsAvailable forSale$0Cost of Goods SoldNumberof unitssold0Numberof unitssoldCost perunit0Cost of Goods SoldCost ofGoods SoldCost perunit$0Cost ofGoods Sold$0Ending InventoryNumber ofunits inendinginventory0Number ofunits inendinginventoryCost perunit0Ending InventoryEndingInventoryCost perunit$EndingInventory$00 !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.DateJanuary 1January 10Units Acquired at Cost@ $10March 14March 15July 30October 5October 26ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotals200 units350 units450 units100 units1,100 units@ $15@ $20@ $25=$ 2,0005,2509,0002,500$ 18,750Hemming 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.Units Sold at Retail150 units300 units430 units880 units@ $40@ $40@ $40

Name: Please do not give solution in image format thanku a) Periodic FIFOBeg
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Description: Please do not give solution in image format thanku a) Periodic FIFOBeginning inventoryPurchases:March 14July 30October 26Totalb) Periodic LIFOBeginning inventoryPurchases:March 14July 30October 26Totalc) Gross ProfitCost of Goods Available for SaleNu

Inventory means the detailed list or stock of items, goods, or materials held by a business or…

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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. Activities Beginning inventory Sales Units Acquired at Cost 200 units @ $10 = Purchase Sales Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Totals 350 units 450 units 100 units 1,100 units @ $15 @ $20 @ $25 $ 2,000 5,250 9,000 2,500 $ 18,750 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. Units Sold at Retail 150 units 300 units 430 units 880 units @ $40 @ $40 @ $40